The National Australia Bank and insurer MLC have agreed to pay $49.5 million to settle a class action over allegedly worthless credit card insurance.
Westpac has been hit with a lawsuit by AUSTRAC for its alleged “systemic” failure to comply with anti-money laundering and counter terrorism finance laws.
A former National Australia Bank branch manager has been sentenced to a year of home detention for engaging in fraud in relation to the bank’s scandal-ridden Introducer home loan program.
The Commonwealth Bank of Australia’s insurance division, CommInsure, has pleaded guilty to 87 criminal charges that it hawked life insurance products in unsolicited telephone calls, but wants credit for the early plea.
The National Australia Bank has admitted to most of the violations alleged in the Australian Securities and Investments Commission’s case over the bank’s $24 billion scandal-ridden ‘Introducer’ loan referral program.
Mining giant Fortescue Metals is seeking special leave from the High Court to appeal a ruling that granted native title to the Yinjibarndi people over a large section of land in the Pilbara region of Western Australia.
Multiplex is calling for the liquidators of collapsed engineering services group Hastie to pay its costs, and pay now, for pursuing an action to recover millions of dollars in unpaid bills on the grounds that the construction company was not entitled to offset its debts with amounts owing.
Whether judges can alter the terms of litigation funding agreements in class actions is a question that will remain unsettled for now, after litigation funder IMF Bentham chose to sidestep a lengthy, costly and risky challenge to the reach of the court’s powers.
The National Australia Bank faces the prospect of “significant monetary penalties” after self-reporting a potentially large number of money laundering and counter terrorism financing breaches to AUSTRAC and its overseas counterparts.
The corporate regulator has shot back at “exaggerated and inaccurate criticisms” that its updated responsible lending guidelines were to blame for lack of access to credit.