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Six of Australia's biggest financial services firms have paid or offered to pay a total of $1.86 billion to customers who were wrongly charged fees for no service or were given bad advice.
National Australia Bank has admitted in court it broke the law by charging fees it was not entitled to collect, but the bank and the corporate regulator are $25 million apart on what is an appropriate penalty.
Australian law firm Gilbert + Tobin has advised fintech Afterpay on the largest public acquisition in Australian history under which US-based Square will acquire all of the company’s issued shares in a landmark $39 billion deal.
The Australian Securities and Investments Commission has won its case against IOOF unit RI Advice, with a judge finding the financial services firm failed to ensure its advisers acted in the best interests of clients and did not give inappropriate advice.
Westpac has told the Federal Court it has "grave concerns" about Forum Group founder Bill Papas' evidence of his assets, contained in affidavits lodged on Thursday after weeks of non-compliance with a judge's orders.
The Australian Securities and Investments Commission has hit financial services provider AMP with court action over fees-for-no-service conduct that allegedly led to upwards of $600,000 being unlawfully withdrawn from superannuation member accounts.
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.
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.
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.
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.