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APRA trims $250M additional capital requirement for Allianz
Financial Services 2020-12-10 4:28 pm By Cat Fredenburgh

The prudential regulator has reduced a requirement that Allianz Australia hold an extra $250 million in capital by $100 million, noting steps the insurer had taken to improve its risk management. The Australian Prudential Regulation Authority imposed the additional capital requirement on the insurer’s Australian unit in August last year, due to issues raised in…

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Clock’s ticking for Mayfair companies to obtain legal representation
Financial Services 2020-12-10 2:04 pm By Miklos Bolza

Embattled Mayfair Group director James Mawhinney is under pressure to secure legal representation to defend his companies against a misleading and deceptive conduct case brought by ASIC, but the Big Six firm he has in mind has yet to commit. 

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Judge finds ‘good reason’ for Linchpin examination docs to be used in class action
Class Actions 2020-12-10 1:58 pm By Miklos Bolza

A judge has allowed documents obtained from examination proceedings against directors of Linchpin Capital to be used in a class action against the failed financial services group.

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Freedom Foods, Deloitte hit with class action over accounting scandal
Class Actions 2020-12-08 5:53 pm By Spencer Fowler Steen

Freedom Foods and its auditor Deloitte have been hit with a shareholder class action after a shock announcement last week of more than $590 million in write-downs stemming from accounting irregularities.

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Banks plead not guilty as ANZ cartel case heads to trial in Federal Court
Competition & Consumer Protection 2020-12-08 3:50 pm By Miklos Bolza

Three banks have been committed to stand trial after pleading not guilty to criminal charges stemming from an alleged cartel agreement reached in a $2.5 billion ANZ share placement, with the closely watched case now moving to the Federal Court two-and-a-half years after it was filed.

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ASIC accuses iSignthis of breaching disclosure obligations
Financial Services 2020-12-07 9:39 pm By Spencer Fowler Steen

ASIC has launched civil proceedings against iSignthis and its CEO, alleging the company breached its continuous disclosure obligations by failing to inform shareholders that client Visa had ended their relationship due to concerns over the fintech’s money laundering compliance.

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ASIC wins winding up orders against accused Ponzi schemer Chris Marco
Financial Services 2020-12-07 9:26 pm By Christine Caulfield

A judge has ordered the winding up of a managed investment scheme operated by Perth businessman Chris Marco and his company AMS Holdings after investors allegedly lost more than $200 million.

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Class action against collapsed Linchpin Capital gets court go-ahead
Restructuring & Insolvency 2020-12-07 3:11 pm By Christine Caulfield

A judge has given his blessing to investors to pursue a class action against financial services firm Linchpin Capital and its subsidiary Endeavour Securities, saying there was a strong possibility the failed companies’ alleged liability would be covered by an insurance policy.

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Rio Tinto claims cut from Deloitte age discrimination lawsuit
Employment 2020-12-04 10:46 pm By Cat Fredenburgh

Deloitte Touche Tohmatsu has succeeded in striking out claims that it made misrepresentations to Rio Tinto when it appointed a partner nearing the mandatory retirement age to a five-year project with the mining giant.

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AMP to tell advisers exiting BOLR program about class action
Class Actions 2020-12-04 12:47 pm By Cat Fredenburgh

The parties in a class action against AMP over changes to its buyer of last resort policy have agreed to a communications protocol making settlement offers and for releases attached to BOLR payments that require exiting financial advisers to waive their claims in the litigation.

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