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ASIC should spell out ‘serious’ insider trading allegations, Westpac tells court
Financial Services 2021-05-19 4:07 pm By Cindy Cameronne

Westpac has argued that ASIC should flesh out its case accusing the banking giant of insider trading before the $16 billion privatisation of electricity provider Ausgrid, saying the regulator has not explained the nature of the alleged inside information.

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Westpac class action funder forgoes commission after running out of money
Class Actions 2021-05-18 8:28 pm By Christine Caulfield

The cash-strapped litigation funder that initially agreed to bankroll a class action against Westpac over life insurance premiums will not earn a cent in commission under a proposed $30 million settlement.

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EY resigns as Omni Bridgway auditor over class action conflict
Class Actions 2021-05-17 7:15 pm By Cat Fredenburgh

Ernst & Young has resigned from its role as Omni Bridgeway’s long-time auditor after determining a class action against it that’s being backed by the litigation funder could threaten its independence.

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Baker McKenzie dragged into Chinese lender’s case against PwC over failed Aussie launch
Accounting 2021-05-17 5:52 pm By Cindy Cameronne

Chinese lender Aoyin wants to join Baker McKenzie to its claims against PwC over a failed bid to launch the first Chinese bank incorporated in Australia, after advice documents from the law firm were uncovered in a last-minute privilege fight.

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ASIC sues to wind up four PE Capital managed investment schemes
Financial Services 2021-05-14 4:22 pm By Miklos Bolza

The Australian Securities and Investments Commission has launched court proceedings seeking to wind up investment manager PE Capital Funds Management, whose trustee Endeavour Securities has connections to collapsed financial services company Linchpin Capital, as well as four of its unregistered managed investment schemes.

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800-page report dooms ASIC bid for early trial in cybersecurity case against IOOF unit
Privacy & Cybersecurity 2021-05-14 3:39 pm By Cindy Cameronne

A judge has denied ASIC’s request that the court hear its case against RI Advice in November, giving the IOOF unit more time to respond to the 800-page expert report filed by the regulator in support of its case that the company lacked adequate cybersecurity systems.

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ASIC bans former Theta director over defective product disclosures
Financial Services 2021-05-14 2:25 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has banned the former managing director of collapsed financial services provider Theta Asset Management from providing financial services for four years, after a court hit the company with a $2 million penalty for issuing defective product disclosure statements for a property investment scheme targeting retirees.

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OTC trader wins more time to respond to ASIC’s 2,000-page pleading
ASIC 2021-05-13 3:32 pm By Miklos Bolza

A judge has granted OTC trader EuropeFX more time to file its defence to an 80-page statement of claim and over 2,000 pages of particulars filed by ASIC in its case accusing the company of knowingly exposing its Chinese customers to criminal charges.

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Liberty Financial sues to block exec from jumping ship to competitor
Employment 2021-05-13 1:30 pm By Miklos Bolza

Non-bank lender Liberty Financial has filed court proceedings seeking to block its manager of treasury from starting a new job at a rival lender for one year.

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HWL Ebsworth forced to hand over client file notes to ANZ whistleblower
Business of Law 2021-05-10 4:48 pm By Miklos Bolza

HWL Ebsworth has been ordered to hand over file notes to a former client and whistleblower suing ANZ for unfair dismissal, with a judge rejecting the law firm’s argument that the notes were created solely for the benefit of the junior solicitor taking them.

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