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ANZ faces new class action over retrospective interest on credit cards
Financial Services 2021-11-30 4:31 pm By Cindy Cameronne

The Australia and New Zealand Banking Group has been hit with a class action for having “unfair” terms in its credit card contracts that allegedly […]

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ACCC updated policies on witnesses after ‘flawed’ bank cartel probe, court hears
Competition & Consumer Protection 2021-11-30 10:36 pm By Miklos Bolza

A senior ACCC officer was probed Tuesday on whether the competition regulator updated its guidelines for taking witness statements in July in response to criticism of investigators’ methods in the cartel probe over ANZ’s $2.5 billion share placement.

PwC strikes back in class action over $50M Axsesstoday prospectus
Class Actions 2021-11-30 6:30 pm By Cindy Cameronne

Professional services giant PricewaterhouseCoopers has hit back at a class action over a $50 million prospectus for Axsesstoday, filing a cross-claim against the asset finance lender and saying it “takes no responsibility” for allegedly defective offer documents.

Westpac faces $100M penalty in six ASIC cases over ‘widespread failures’
Financial Services 2021-11-30 9:10 am By Christine Caulfield

Banking giant Westpac has admitted to allegations in six new cases by the Australian Securities and Investments Commission alleging widespread compliance failures across multiple businesses, and will agree to pay a combined $100 million penalty.

Courtenay House former director duped hundreds in $196M Ponzi scheme, ASIC says
Financial Services 2021-11-30 6:18 pm By Bianca Hrovat

The former director of investment management fund Courtenay House is facing a slew of criminal charges after an investigation by the Australian Securities and Investments […]

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Judge approves $750,000 penalty against La Trobe Financial despite ‘considerable hesitation’
Financial Services 2021-11-29 11:57 am By Cat Fredenburgh

La Trobe Financial Asset Management will pay just $750,000 for misleading investors in its 48 hour and 90 day notice accounts over a period of […]

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Vina Money Transfer to plead guilty in criminal cartel case
Competition & Consumer Protection 2021-11-29 10:09 pm By Cindy Cameronne

Money transfer business Vina Money Transfer and two of five individuals accused of fixing foreign exchange rates on millions of dollars transferred between Australia and […]

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Banksia judge made no allowance for ‘youth and inexperience’ of Mark Elliott’s son, appeal says
Appeals 2021-11-26 12:48 pm By Christine Caulfield

The judge who made findings against the son of the mastermind behind the Banksia class action scam may have formed strong views about the 27-year-old’s […]

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AMP’s bid to declass insurance class action ‘antithesis’ of interests of justice, court rules
Class Actions 2021-11-26 2:36 pm By Bianca Hrovat

Financial services company AMP has lost its bid to de-class representative proceedings brought on behalf of 1.5 million insurance customers. The Piper Alderman and Shine […]

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ANZ hit with ASIC action over $18.5B home loan ‘introducer’ program
Financial Services 2021-11-26 8:53 am By Christine Caulfield

The Australian Securities and Investments Commission has launched court proceedings against ANZ alleging the banking giant’s home loan ‘introducer’ referral program breached credit laws. ASIC’s […]

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