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Royal commission class actions pile up, with more on the way
Class Actions June 18, 2019 2:56 pm By Christine Caulfield

While no means a flood, the class actions filed in response to the shocking evidence of misbehaviour at last year’s banking royal commission have been […]

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ANZ to pay nothing in settlement of 7-Eleven franchise class actions
Franchise June 18, 2019 10:22 pm By Christine Caulfield

ANZ Bank will not pay a cent to franchisees in its settlement of two class actions that allege the bank breached its responsible lending obligations and engaged in unconscionable conduct by giving loans to purchasers of 7-Eleven franchises.

Commonwealth Bank still on the hunt for new GC
Financial Services June 18, 2019 3:21 pm By Cat Fredenburgh

The clock is ticking on Commonwealth Bank’s search for a new general counsel, with the position still vacant two weeks before the bank’s current top lawyer’s planned departure, announced almost four months ago in the wake of the Hayne royal commission’s scathing final report into the banking sector.

Former MFS boss gets 10% off penalty for $147.5M misappropriation
Appeals June 18, 2019 8:55 pm By Amelia Birnie

A court has trimmed 10% off a $300,000 penalty against the former CEO of failed Gold Coast finance company MFS Group, after he successfully argued his role in the misappropriation of $147.5 million in trust funds was not as an officer of the company.

ANZ to fully repay fees for no service customers after ASIC says partial payments won’t cut it
Financial Services June 14, 2019 11:04 pm By Cat Fredenburgh

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 […]

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Judge allows expanded insurance class action against NAB
Class Actions June 13, 2019 3:07 pm By Christine Caulfield

A judge has granted a bid by the applicant in a class action against National Australia Bank over the sale of allegedly worthless credit card […]

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Court approves $14.6M settlement in Ashley Services class action
Class Actions June 13, 2019 1:50 pm By Miklos Bolza

The Federal Court has approved a $14.6 million class action settlement with private training company Ashley Services, auditors Deloitte and Grant Thornton, and Holmes Management […]

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ANZ says 7-Eleven class action bid to restrict communications leaves bank ‘in limbo’
Franchise June 13, 2019 3:03 pm By Christine Caulfield

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 […]

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AUSTRAC orders external audit of Afterpay over money laundering compliance
Financial Services June 13, 2019 1:21 pm By Cat Fredenburgh

AUSTRAC has ordered buy now, pay later giant Afterpay to appoint an independent auditor to oversee its compliance with anti-money laundering laws. The move by […]

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NAB may face beefed up class action over ‘worthless’ insurance
Class Actions June 12, 2019 3:55 pm By Cat Fredenburgh

Slater and Gordon is looking to significantly expand its class action against National Australia Bank over the sale of “worthless” credit card insurance to include […]

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