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The private credit firm that backed bankrupt publican Jon Adgemis has failed in its fight for the costs of its court action against the corporate regulato over notices to produce documents it said were shielded by legal professional privilege.
ASIC has cancelled the credit licence of MWL Financial, the latest trouble for the collapsed advisory firm, which is being pursued by the corporate regulator for advising clients to invest their super in Keystone's failed Shield Master Fund.
A class action against REST Super has opposed a bid for 'soft' class closure, arguing that registration numbers will provide very little information about the group at this stage.
Another MWL Financial adviser has been disqualified from providing financial services for promoting the collapsed Shield investment fund to clients.
Greensill investor White Oak is not entitled to damages from IAG after it settled with broker Marsh in relation to $140 million in receivables, the insurer has told a trial court, saying it would amount to “double recovery”.
Insurer IAG has argued Greensill investor White Oak failed to verify the existence of $140 million in receivables for fear the deal wouldn't go ahead -- conduct, it says, that was “redolent of a deal that is too good to be true”.
The managing director of stockbroking firm Fortrend Securities breached privacy rules by sending an adviser's medical certificate to a client and saying he had a “nervous breakdown”, a tribunal has found.
Insurance underwriter Tokio Marine has denied misleading US investment firm White Oak by staying silent on alleged issues with an IAG policy keeping Greensill's supply chain financing business operating.
Construction PRO
The Australian Securities and Investments Commission has called for improvements in how mortgage brokers demonstrate that home loan recommendations are in customers’ best interests.
After baulking at paying for their Rolls-Royce defence, Greensill investor White Oak has been ordered to pay a total of $13 million in security to insurers IAG, Tokio Marine and BCC for their costs of a 35-day trial.