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Claims against Macquarie Leasing dropped in ANZ flex commissions class action
Class Actions 2022-06-06 12:26 pm By Sam Matthews

Macquarie Leasing has been let off the hook in a class action alleging that a flex commissions scheme by ANZ’s former car finance business encouraged dealers to set car loan rates far in excess of base rates in exchange for large kickbacks.

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Macquarie plays blame game with car dealers in flex commissions class action
Class Actions 2022-04-21 5:33 pm By Sam Matthews

Macquarie Leasing has hit back at a class action over alleged unfair flex commission arrangements with car dealers, saying dealers were not required to propose high interest rates as part of the scheme and that customers were not forced to accept them.

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ASIC takes Macquarie to court after adviser’s $2.9M theft
Financial Services 2022-04-05 1:57 pm By Cat Fredenburgh

The corporate regulator has filed court proceedings against Macquarie Bank alleging it failed to monitor third-party withdrawals, leading to a financial adviser’s theft of $2.9 million in customer funds.

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Lauded King & Wood Mallesons managing partner appointed Macquarie GC
Financial Services 2021-10-29 3:26 pm By Bianca Hrovat

The Australian managing partner of King & Wood Mallesons, Evie Bruce, is set to join Macquarie Group as its next group general counsel and head of the legal and governance group, where she will lead a team of 400 lawyers and governance professionals.

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PwC can’t shut down class action against over $50M bond prospectus
Accounting 2021-08-09 8:57 pm By Cindy Cameronne

PricewaterhouseCoopers has lost its bid to shut down a class action launched by bondholders of collapsed asset finance lender Axsesstoday Limited over alleged misrepresentations in a $50 million bond offer.

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Banks fork over $1.86B to repay customers for bad behaviour
Financial Services 2021-08-05 10:05 pm By Sam Matthews

Six of Australia’s biggest financial services firms have paid or offered to pay a total of $1.86 billion to customers who were wrongly charged fees for no service or were given bad advice.

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Court urged to reject law firm’s contingency fee bid in ANZ, Westpac class actions
Class Actions 2021-06-03 10:25 pm By Miklos Bolza

A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm’s current no win, no fee funding arrangement.

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Nuix class action investigation targets Macquarie, PwC
Class Actions 2021-05-20 9:52 pm By Cat Fredenburgh

Commercial and class action firm Banton Group is investigating a shareholder class action against embattled technology company Nuix in relation to its pre-IPO disclosures which could also ensnare shareholder Macquarie and its executives, auditor PricewaterhouseCoopers and the joint lead managers on its float.

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Law firm investigating class action against Nuix over IPO
ASIC 2021-05-19 10:49 pm By Cat Fredenburgh

Phi Finney McDonald is investigating a class action against technology company Nuix over its $2.5 billion float, following troubling reports about the Macquarie-backed company’s pre-IPO corporate governance and financial reporting.

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Judge to hear first application for group costs order in ANZ, Westpac class actions
Class Actions 2021-02-24 6:24 pm By Spencer Fowler Steen

The first ever application for a group costs order will be heard in class actions against ANZ and Westpac, and the judge weighing the application has urged the parties to think carefully about the evidence they will submit in support of their bid for a cut of any settlement or judgment.

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