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Ex-Storm Financial directors lose appeal, Full Court finds they breached their duties
Financial Services March 27, 2020 10:38 pm By Christine Caulfield

The former directors of defunct financial advisory firm Storm Financial have failed in their appeal of a ruling that found they breached their duties to […]

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Commonwealth Bank’s gripe with alleged whistleblower’s discovery bid ‘ridiculous’, judge says
Employment March 27, 2020 9:14 pm By Miklos Bolza

A judge has criticised as “meretricious” and “ridiculous” opposition by Commonwealth Bank of Australia to a discovery application by a former general manager who claims he lost his job for blowing the whistle on alleged manipulation of staff bonuses.

Court forces ASIC to delay warning against Mayfair 101 despite COVID 19-stoked investment fears
Financial Services March 26, 2020 9:44 pm By Miklos Bolza

A judge has ordered ASIC to wait 48 hours after making any decision to send a warning notice to investment conglomerate Mayfair 101 before publicly […]

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ASIC to shift regulatory priorities amid pandemic
ASIC March 23, 2020 1:19 pm By Cat Fredenburgh

The Australian Securities and Investments Commission will continue its enforcement activities amid the spread of the coronavirus but will prioritise cracking down on behaviour that […]

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Coronavirus shuts down ACCC cross-examinations in landmark ANZ cartel case
Competition & Consumer Protection March 20, 2020 10:10 pm By Christine Caulfield

For the lawyers conducting the committal hearings in the criminal cartel case over ANZ’s $2.5 billion equity raising, the Sydney Downing Centre courtroom was already […]

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Societe Generale faces criminal charges over handling of client money
Financial Services March 18, 2020 11:17 am By Cat Fredenburgh

The Australian arm of French investment banking giant Societe Generale is facing four criminal charges for allegedly failing to comply with its obligations to keep […]

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‘Serious inadequacies’: AMP units fined $526,000 over derivative transaction reporting
Financial Services March 17, 2020 10:07 pm By Cat Fredenburgh

Two units of AMP have paid a $536,000 penalty for failing to report derivative transactions, with the Australian Securities and Investments Commission slamming the company […]

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CBA’s Colonial First faces ASIC action over MySuper statements
Financial Services March 17, 2020 9:20 pm By Christine Caulfield

The corporate cop has brought legal proceedings against the Commonwealth Bank’s wealth management unit claiming it made misleading or deceptive statements to over 12,000 fund […]

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ASIC launches two royal commission cases against Commonwealth Bank
Financial Services March 16, 2020 10:35 pm By Christine Caulfield

The corporate watchdog has brought two post-Hayne Commission proceedings against the Commonwealth Bank of Australia, alleging it upped the credit limit of a known problem […]

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Westpac class action beauty parade is on after new suit filed
Class Actions March 13, 2020 10:45 am By Cat Fredenburgh

Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the […]

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