A judge has found PwC should face a claim that it engaged in misleading and deceptive conduct while assisting Chinese lender Aoyin with its planned launch in Australia by failing to properly advise the company there was a risk its shareholders did not comply with APRA’s ‘fit and proper’ requirement.
A judge has dismissed two cases brought by the Commonwealth Bank, Westpac and other lenders against directors of the failed steel giant Arrium, saying he was not satisfied the directors’ representations on loan drawdown notices were false or that the company was insolvent when it went into voluntary administration in April 2016.
A judge has refused to order Commonwealth Bank of Australia to publish notice of a $7 million penalty in a case brought by ASIC on its mobile app, but the bank will have to alert customers to its misconduct on its website and online newsroom.
Ashurst is expanding its financial regulation practice with the appointment of consumer credit expert Hong-Viet Nguyen from HWL Ebsworth Lawyers.
Small business owners who turned to the Bank of Queensland for financial assistance were subject to unfair contract terms that created a “significant imbalance” in the rights of the bank and its customers, a court has held.
The applicant in a class action on behalf of hundreds of thousands of Colonial First State Investments customers has raised concerns about whether he can recover compensation from a CBA life insurance unit that was recently sold to a competitor.
Westpac has released further details of its fraud claim against Bill Papas, founder of the Forum Group of Companies, painting a picture of an elaborate scheme to misappropriate $254 million to buy real estate, jewellery, luxury cars, racehorses and European football teams.
Baker McKenzie has been accused of negligence in a cross claim by Chinese lender Aoyin, which faces a lawsuit by accounting giant PricewaterhouseCoopers for unpaid fees over advice related to a failed bid to launch a bank in Australia.
Commonwealth Bank’s head of governance has hit her employer with a lawsuit claiming she was threatened with termination for making complaints that the governance team was chronically under-resourced, overworked and had a high attrition rate.
PricewaterhouseCoopers has lost its bid to shut down a class action launched by bondholders of collapsed asset finance lender Axsesstoday Limited over alleged misrepresentations in a $50 million bond offer.