Companies

The Australian Securities and Investments Commission has accused the largest general insurer in Australia of short-changing its customers a staggering $60 million in promised discounts, according to action launched in the Federal Court on Friday.

A judge has adjourned trial in the defamation case by accused war criminal Ben Roberts-Smith to early 2022, saying relocation was not practical after COVID-19 restrictions prevented Fairfax’s witnesses travelling to Sydney.

Google has urged a court to stay a competition lawsuit brought by Epic Games, saying new evidence showed the Fortnite game maker would not be disadvantaged if the case was heard in California, as the Full Court found it would in a similar challenge by Apple.

The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.

Five enforcement officers of the Australian Competition and Consumer Commission will be cross-examined by lawyers for banks facing price fixing charges over their conduct following ANZ's $2.5 billion capital raising six years ago.

A former financial planner found to have engaged in a data breach at National Australia Bank will have her adverse action lawsuit against the bank partially reheard after an appeals court found the judge who tossed the case failed to properly consider why she was fired.

AMP and a number of its financial planning subsidiaries could face 1.2 million individual claims if they win a bid to declass a group proceeding over allegedly excessive insurance premiums, a judge has said.

A six-week trial in a shareholder class action against Crown Resorts set to begin at the end of October will start off virtually and shift to an in-person hearing once COVID-19 restrictions are eased in Victoria.

A judge overseeing a cartel case over a $2.5 billion ANZ share placement has granted ANZ's bid for unredacted documents which the bank says will support its claims that the case should be permanently stayed because of improper dealings between whistleblower JPMorgan, ASIC and the ACCC.

The Fair Work Ombudsman has taken the Commonwealth Bank of Australia and CommSec to court for allegedly knowingly underpaying almost 7,500 employees over $16.4 million through the use of individual agreements.