ANZ Bank will repay in full customers who were charged fees for no service after the corporate regulator pulled the bank up on its practice of partially remunerating some clients as part of a remediation program.
An attempt by applicants in two franchisee class actions against 7-Eleven to limit communications between the convenience store giant and group members ahead of a hearing to approve a confidential settlement with ANZ, the bank that loaned money to the franchisees, unfairly delays approval of the settlement until next year, a court has heard.
The Australian Securities and Investments Commission is pushing back against an application by ANZ Bank to stay the regulator’s civil penalties case over disclosures related to a $2.5 billion equity capital raising while it defends against criminal charges related to the controversial share placement.
After a first failed attempt, two class actions against 7-Eleven are trying again to restrict communications between the convenience store giant and franchisees ahead of a settlement approval hearing with ANZ, the bank that loaned money to store owners.
ANZ has recruited seasoned class actions lawyer Ken Adams to be its next group general counsel as the bank faces two cases over a botched share placement and braces for the possibility of more litigation in the wake of the Banking Royal Commission.
ANZ has reached an in-principle settlement in two class actions alleging it breached its responsible lending obligations by providing loans to purchasers of 7-Eleven franchises that were not financially viable.
Charges in the criminal cartel case against ANZ, Citigroup and Deutsche Bank over a $2.5 billion ANZ institutional share placement have yet to be finalised, almost a year after the proceeding was filed.
ANZ Bank executives briefly considered relaunching and repricing a botched $2.5 billion equity capital raising at the heart of two groundbreaking enforcement actions, and the decision by the share placement’s underwriters to instead pick up a $790 million shortfall deprived investors of lower priced shares, a court has been told.
ANZ has reached a settlement in long-running class action proceedings alleging it hit customers with illegal fees, but the $1.5 million payout falls far short of the many millions IMF Bentham spent in funding the matter.
JP Morgan, the reported whistleblower behind a criminal cartel case against ANZ, Deutsche Bank and Citigroup over a $2.5 billion share placement, has won its bid to keep documents from a related ASIC probe confidential.