Companies

Allianz Australia and its travel insurance unit AWP Australia have been hit with $1.5 million in penalties in ASIC’s case alleging the insurance companies misled customers while selling travel insurance on Expedia websites.

Lockdown orders by the Victorian government and an international travel ban in place last year during the first wave of COVID-19 did not trigger a business interruption clause in an IAG policy at the centre of a test case brought by insurers, a judge heard Monday.

Accounting giant PricewaterhouseCoopers used one of its legally qualified partners as a "postbox" to provide a "cloak of privilege" to work conducted for meat processing company JBS, the Commissioner of Taxation has told the Federal Court.

An IOOF unit accused of failing to protect its clients against cybersecurity risks has slammed ASIC’s claims in the novel case, describing the regulator’s further amended statement of claim as “grossly unfair” and “completely incoherent”.

Insurance Australia has been hit with a class action by business owners whose claims for business interruption losses caused by the COVID-19 pandemic have been denied.

The applicant in a class action against PricewaterhouseCoopers over a $50 million bond prospectus for asset finance lender Axsesstoday has dropped claims accusing the accounting giant of being involved in the company's alleged misrepresentations.

Tabcorp and Tatts Group have brought eight proceedings against the Australian Tax Office over more than a billion dollars in deductions for fees to gambling authorities in four states.

Liquidators for Forum Finance have won court approval to sell a $1.2 million Mangusta luxury yacht as well as 12 properties owned by various companies within the Forum Group.

Westpac has reached a settlement in a case brought by a former longtime employee and whistleblower who claimed the banking giant dismissed her in retaliation for complaints about its compliance failings.

The Commonwealth Bank of Australia faces shareholder action seeking records on its financing of gas and fossil fuel projects to ensure compliance with the bank's environmental framework, the latest in the next frontier of litigation demanding climate change accountability.