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Feud over app notice in $7M CBA case could shift balance towards higher penalties
Financial Services 2021-07-29 4:08 pm By Miklos Bolza

A judge weighing a dispute between ASIC and the Commonwealth Bank over whether notice of a $7 million penalty should be sent out through the bank’s Commbank app has questioned the usefulness of adverse publicity notices and whether they should be ditched for higher pecuniary penalties in the future.

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ASIC wins declarations against Sargon Capital unit over super fund promotion 
Financial Services 2021-07-28 10:37 pm By Christine Caulfield

The Australian Securities and Investments Commission has secured declarations in its case against a Sargon Capital subsidiary, which partnered with a superfund promoter accused of misleading customers in marketing calls.

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Forum founder Bill Papas ‘needs money’ to return to Australia, lawyer tells court
Financial Services 2021-07-28 10:22 pm By Christine Caulfield

Forum Group director Bill Papas intends to return to Australia to face $400 million fraud allegations but doesn’t have the funds for a flight home, his lawyer told the Federal Court Wednesday.

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Judge urged to shut down ‘pseudo’ class action over climate change disclosures
Environment 2021-07-28 10:13 pm By Cindy Cameronne

A green activist who filed a group proceeding alleging the government failed to disclose the impacts of climate change to investors in sovereign bonds does not have a common interest with group members and should have her lawsuit declassed, a court has heard.

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‘I didn’t come down in the last shower’: Judge criticises running of two S&P cases
Class Actions 2021-07-28 1:53 pm By Christine Caulfield

A judge has grudgingly agreed to allow a law firm to run an investor’s case against S&P Global over ratings on toxic financial products separately from a class action that makes the same claims, but was warned of the “costs consequences” of the parallel proceedings.

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Judge vacates Westpac insider trading trial despite ‘misgivings’
Financial Services 2021-07-26 2:46 pm By Miklos Bolza

A judge has vacated next year’s trial in ASIC’s insider trading case against Westpac despite “misgivings”, and has made orders regarding confidential evidence after the Australian financial watchdog argued that handing the material to the bank could damage its relationship with its Hong Kong counterpart.

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CBA class action applicant can’t share in group members’ privilege, court finds
Class Actions 2021-07-27 6:10 pm By Miklos Bolza

The lead applicant in a class action against CBA does not have the right to view fund management documents relevant to the case despite representing group members who share joint privilege with the bank over material, a judge has said, acknowledging the decision could create difficulties in class action proceedings.

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Linchpin liquidators get final chance to defend class action
Class Actions 2021-07-23 2:14 pm By Miklos Bolza

A judge has given the liquidators of Linchpin Capital a final chance to defend a shareholder class action before judgment is made against the collapsed financial services group and one of its subsidiaries.

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Greensill Capital likely insolvent one week before appointing administrators, report says
Restructuring & Insolvency 2021-07-22 11:29 pm By Christine Caulfield

Greensill Capital likely became insolvent on March 2, seven days before the Queensland-based financial services firm appointed administrators, the company’s liquidators have revealed.

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Judge lashes Forum Finance director’s failure to comply with court orders
Financial Services 2021-07-22 9:57 pm By Miklos Bolza

A judge has issued an ultimatum to Forum Finance director Bill Papas for his “entirely unsatisfactory” conduct in failing to provide details of personal assets while defending three lawsuits that accuse him of being behind a $400 million fraud.

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