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‘Sad and tragic’: Court winds up Mayfair’s IPO Wealth Fund
Restructuring & Insolvency 2020-09-17 5:53 pm By Miklos Bolza

A  judge has ordered 17 companies connected to Mayfair’s “failed” IPO Wealth Fund to be wound up after finding the fund’s director put investor money […]

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Commonwealth Bank settles with ex-GM who blew whistle on bonuses
Employment 2020-09-17 2:12 pm By Cat Fredenburgh

Commonwealth Bank of Australia has resolved a lawsuit brought by a former general manager alleging he lost his job for blowing the whistle on a system allegedly used by staff to inflate their bonuses.

Judge dismisses Macquarie bid for ‘irrelevant’ tax docs in underpayments suit
Financial Services 2020-09-17 2:39 pm By Alison Eveleigh

Three former Macquarie Bank financial advisors who claim the bank underpaid them have successfully appealed a decision ordering them to hand over personal tax assessments, […]

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Mayfair director should not be put in charge of other people’s money, court told
Restructuring & Insolvency 2020-09-16 7:09 pm By Miklos Bolza

Companies associated with Mayfair’s IPO Wealth Fund should be wound up because they contained assets “artificially inflated” in value and ran what was effectively a […]

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State Street hit with $1.24M fine by AUSTRAC over reporting breaches
Financial Services 2020-09-16 3:27 pm By Christine Caulfield

AUSTRAC has slugged US financial services giant State Street Bank and Trust Company with a $1.24 million fine for failing to report international funds transfers […]

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Banksia judge orders Alex Elliott to reveal financial interests in father’s companies
Class Actions 2020-09-15 7:01 pm By Alison Eveleigh

Alex Elliott, the son of former Banksia Securities class action lawyer Mark Elliott, must hand over documents revealing his financial interests in his father’s litigation […]

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Mayfair director slams ‘erroneous’ Deloitte report in ASIC winding up case
Restructuring & Insolvency 2020-09-15 7:17 pm By Miklos Bolza

The director of besieged investment group Mayfair 101 has called for an investigation into the Australian Securities and Investments Commission, calling a winding up proceeding […]

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Ernst & Young faces $12M damages claim over collapse of soda ash maker Penrice
Financial Services 2020-09-15 11:58 am By Cat Fredenburgh

Ernst & Young is facing a claim for $12 million in damages in a lawsuit over its auditing of collapsed soda ash maker Penrice. Sydney-based […]

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NAB units ordered to pay $57.5M in ASIC fees for no service case
Financial Services 2020-09-11 11:28 pm By Cat Fredenburgh

The Australian Securities and and Investments Commission has won a $57.5 million judgment against two units of National Australia Bank for making misleading representations to […]

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‘Vague and general’: Judge knocks cryptocurrency class action
Class Actions 2020-09-11 2:46 pm By Miklos Bolza

A  judge has slammed the pleadings in a $1 billion class action against Facebook and Google over cryptocurrency ad bans as “vague and general” and […]

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