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S&P Global Ratings and ANZ Banking Group have agreed to settle seven class actions over toxic financial products given healthy credit ratings ahead of the global financial crisis.
As the ACCC's criminal cartel case against ANZ, Citigroup and Deutsche Bank gets underway, the regulator will face off against a formidable team of lawyers with extensive experience in defending competition matters.
High-ranking bank officials, including the former CEOs of Citigroup and Deutsche Bank in Australia, are among the executives charged over a cartel involving a $2.5 billion ANZ institutional share placement.
ANZ, Deustche Bank and Citigroup will be hit with criminal charges over an alleged cartel involving the institutional equity placement of ANZ shares that raised $2.5 billion in capital.
Commonwealth Bank of Australia has admitted a breach of data affecting nearly 20 million accounts, but said Thursday there was no evidence that customers' details were stolen.
Facebook has struck back at calls for regulation of digital platforms that distribute news content, saying consumers stand to lose from regulatory meddling.
Australia and New Zealand Banking Group Limited has agreed to pay $3 million after an ASIC investigation found it failed to provide annual reviews to wealth management customers that paid for the service.
The Privacy Commissioner on Thursday opened an investigation of Facebook on the heels of confirmation by the social media giant that the data of over 300,000 Australian users may have been improperly harvested.
The head of Australia's consumer regulator says the agency will look at whether Facebook is misleading users about how it collects and uses their data, in light of revelations that millions of Facebook users unknowingly had their data harvested by political research firm Cambridge Analytica.
A Federal Court judge in Melbourne has slapped Australia and New Zealand Banking Group with a $5 million fine for failing to properly vet customers' financial backgrounds when providing car loans.