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A judge overstepped in throwing out a class action against two National Australia Bank units over alleged MySuper mismanagement because of a carveout in the Victorian Supreme Court Act which bars class actions involving trust property, an appeals court has heard.
National Australia Bank has been hit with a $18.5 million fine after admitting to allegations by ASIC that it failed to adequately disclose its adviser fees for five years.
The applicant in a Federal Court class action against NAB superannuation trustee NULIS has been ordered to find a sample group member in light of a landmark Victoria Supreme Court ruling that found the plaintiff in a similar class action could not establish any loss.
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.
AUSTRAC's long-running investigation into NAB's compliance with anti-money laundering and counter-terrorism financing laws has progressed, with the matter being referred to the financial crime regulator's enforcement team.
A Federal Court class action against two NAB units over $6.3 billion in super funds is on hold after lawyers for the applicant filed an appeal of a ruling that found their state court proceeding had been invalidly commenced.
Maurice Blackburn has brought a second class action against two NAB units over $6.3 billion in super funds, after the law firm's first attempt was shut down by a state court as invalid.
The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access fees totaling $55 million over a nine-year period.
The ACCC has given the greenlight to NAB's proposed acquisition of digital only bank 86 400, saying the tie-up would not substantially lessen competition.
A judge has approved a "disappointing" $25 million settlement in long-running class action litigation over the collapse of electronics retailer Dick Smith with claims worth hundreds of millions of dollars.