The former lead auditor of stockbroker Halifax Investment Services, whose 2018 collapse resulted in $200 million in investor losses, has had his registration cancelled following an application by the Australian Securities and Investments Commission.
Members Equity Bank faces a potential multi-million dollar fine if it is found guilty of misleading home loan customers in the first criminal prosecution under the consumer protection provision of the ASIC Act to be tried in the Federal Court.
Saying the interests of class action members “must be given primacy”, a judge has rejected the first bid for a group costs order in a class action since contingency fee legislation passed in Victoria.
Chinese lender Aoyin must pay PricewaterhouseCoopers’ legal costs for a vacated trial after Aoyin’s eleventh hour decision to join Baker McKenzie to a $10 million cross-claim in a dispute concerning the accounting firm’s advice on its failed bid to launch the first Chinese incorporated bank in Australia.
The NSW Police have commenced an investigation into Forum Finance and director Bill Papas, which have been accused by Westpac, French investment bank Societe Generale and Japanese bank SMBC of a $400 million fraud.
The Australian Competition and Consumer Commission is investigating competition concerns about Apple’s refusal to allow third party access to the near-field communication chip that allows iPhone users to make ‘tap and go’ payments through Apple Pay.
Approximately 1,000 investors of collapsed stockbroker Halifax Investment Services have challenged a court decision concerning the date of the realisation of their investments which decreased the amounts they could recoup from the company’s liquidation.
A dispute over redactions in books and records produced by defunct fund manager Blue Sky to a prospective class action applicant should be hashed out within the class action, a judge has found.
The ACCC has given the OK to the proposed merger of BPAY, eftpos and the New Payments Platform, saying competition between the three payment system companies was marginal and that “strong competitors” would remain after the union.
Software company DST Bluedoor is fighting to access communications between its former founding director and AMP in a $35.5 million legal stoush alleging the financial services firm induced 11 employees to jump ship after licensing its online platform.