Two NAB units have indicated they will seek to dismiss a lawsuit over alleged MySuper mismanagement which the court recently ruled was not validly commenced as a class action if the lead applicant fails in his bid to replead.
The High Court has dismissed an appeal by Westpac challenging a ruling that found the bank breached its duties to customers by providing personal financial advice as part of a telephone campaign encouraging customers to roll over external superannuation accounts.
A judge has ordered the winding up of M101 Nominees, the issuer of $67 million in notes promoted by James Mawhinney’s failed Mayfair 101, which is alleged to owe investors over $211 million.
The High Court will hand down its ruling Wednesday in a high-stakes case between ASIC and Westpac that is expected to clarify the line between personal and general financial advice.
While a Federal Court judge recently promised to advance a long-running criminal cartel case against several investment banks and individuals over a $2.5 billion ANZ share placement, a separate judge will soon hear a privilege dispute over documents from whistleblower JPMorgan that promises to further delay the case.
A former high ranking executive from National Australia Bank has been sentenced to eight years in prison for receiving bribes in the form of inflated invoices to the tune of around $5.5 million.
Venture capitalist Dr Elaine Stead has been awarded $280,000 in her defamation case against the Nine-owned Australian Financial Review after the Federal Court found she suffered hurt and damage to her reputation through a “targeted campaign of offensive mockery” about her role in collapsed investment firm Blue Sky Alternative Investments.
A $25 million settlement has been reached in three long-running shareholder class actions over the collapse of electronics retailer Dick Smith, under which the funders that backed the litigation will not recover their costs and shareholders recoveries will be small.
A unit of Standard Chartered Bank has prevailed in a securities spat with Energy World Corporation, which has been ordered to approve a $64.4 million note transfer and pay $42.2 million to the Singapore-based bank.
NAB has succeeded in blocking accused scammer Helen Rosamond and her executive services company Human Group from varying a freezing order in a case over an alleged $51 million fraudulent scheme so that she can pay her legal bills and living expenses.