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A judge on Friday slugged Westpac with a $40 million penalty for charging advice fees to over 11,800 dead customers in the last of six cases brought by the corporate regulator, taking the total to be paid by the bank to $113 million.
A former Deloitte director accused of embezzling $3.1 million to fund lavish purchases, including an extensive art collection, has been referred to police and suspended by an association for Australian restructuring professionals.
A judge has approved $32 million in penalties against Westpac in two cases brought by the corporate regulator accusing the bank of misleading thousands of “vulnerable” customers about their debts and failing to manage the accounts of deregistered companies.
Macquarie Leasing has hit back at a class action over alleged unfair flex commission arrangements with car dealers, saying dealers were not required to propose high interest rates as part of the scheme and that customers were not forced to accept them.
Deloitte and Noumi, formerly known as Freedom Foods, have pointed the finger at one another in a consolidated shareholder class action, with the accounting giant saying the food company made misleading representations in its financial reports and should be on the hook for its costs in defending the lawsuit.
NAB is facing a human rights suit from a senior employee who alleges she was subject to years of discrimination because of her race, gender and French nationality and bullying, including having a baseball bat brandished at her.
IOOF unit RI Advice has agreed to settle novel proceedings brought by the Australian Securities and Investments Commission claiming it failed to protect its clients against cybersecurity risks.
The husband of Sydney conwoman Melissa Caddick has staked his claim to a share of his late wife’s estate, and asked the court to deliver up a bundle of property, including Caddick’s Gucci wedding dress.
In yet another blow for the embattled wealth manager, the Australian Securities and Investments Commission has suspended Dixon Advisory's financial services licence.
The applicants in a protracted class action against the Commonwealth Bank of Australia brought by borrowers who claim they were forced to default on their commercial loans have lost a bid to amend their pleadings, six years after the case was filed.