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Liquidators of S&P class action plaintiff win strikeout bid in spat over funder’s agreements
Class Actions 2021-06-08 4:24 pm By Christine Caulfield

A judge has gutted a defence and counterclaim filed by the biggest unitholder in investment fund Vale in a battle with a litigation funder and liquidators over agreements to join two class actions against S&P Capital, a fight that threatened to hold up one of the class actions.

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Halifax auditor faces first criminal charges over auditing breaches
White Collar 2021-06-08 1:49 pm By Cat Fredenburgh

Criminal charges have been laid against the auditor of stockbroker Halifax Investment Services, whose 2008 collapse left around $200 million in client funds trapped, in the first criminal charges brought over auditing services in Australia.

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AUSTRAC investigation into NAB referred to enforcement team
Financial Services 2021-06-07 10:55 am By Cat Fredenburgh

AUSTRAC’s long-running investigation into NAB’s compliance with anti-money laundering and counter-terrorism financing laws has progressed, with the matter being referred to the financial crime regulator’s enforcement team.

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Judge extends injunction blocking ex-Liberty Financial exec from joining rival
Employment 2021-06-04 2:10 pm By Christine Caulfield

A judge has extended an injunction barring a former manager of non-bank lender Liberty Financial from working for a unit of Wingate Group until after trial in a case over a restraint clause in the executive’s contract.

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Court urged to reject law firm’s contingency fee bid in ANZ, Westpac class actions
Class Actions 2021-06-03 10:25 pm By Miklos Bolza

A Victoria Supreme Court judge weighing for the first time an application by a law firm for a percentage cut of recoveries in class actions has been told to reject the bid because group members would fare better under the firm’s current no win, no fee funding arrangement.

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Tyro faces second class action investigation over terminal outage
Class Actions 2021-06-03 5:04 pm By Cindy Cameronne

Payments provider Tyro is facing two potential class actions over a days-long terminal outage that left many businesses unable to accept payments, the first of which is expected to be filed “imminently”.

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‘It’s not a good look’: Judge doesn’t want Suncorp class action to ‘hang around’
Class Actions 2021-06-02 9:35 pm By Miklos Bolza

The judge overseeing a conflicted remuneration class action against Suncorp has locked in a trial date for May next year over the protests of the applicants, saying it was “not a good look” for class actions to “hang” around.

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JPMorgan tries to shield ASIC settlement negotiations in ANZ cartel case
Competition & Consumer Protection 2021-06-01 4:09 pm By Miklos Bolza

JPMorgan is fighting to keep details of failed settlement talks with ASIC under wraps in criminal cartel proceedings over a $2.5 billion ANZ share placement, as ANZ seeks to uncover whether the corporate regulator made a deal with the investment bank ahead of the cartel case being filed.

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ASIC bans director of failed forex trader Union Standard
Financial Services 2021-06-01 3:10 pm By Christine Caulfield

The corporate cop has disqualified a director and former responsible manager of the collapsed over-the-counter derivatives issuer Union Standard from working in the financial services sector for the next 10 years.

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ME Bank faces criminal charges after ASIC investigation
White Collar 2021-05-27 1:58 pm By Cat Fredenburgh

Members Equity Bank has been hit with criminal charges for allegedly making false or misleading representations and violating the National Credit Code.

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