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ASIC takes CBA to court over $2.9M in overcharged interest
Financial Services 2020-12-01 11:24 am By Cat Fredenburgh

The Australian Securities and Investments Commission has filed civil penalty proceedings against the Commonwealth Bank of Australia for allegedly saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions.

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$50M settlement resolves class action against Vocation, PwC
Class Actions 2020-11-30 9:07 pm By Cat Fredenburgh

A $50 million settlement has been reached in a long-running shareholder class action against defunct vocational training company Vocation that also spawned multiple cross-claims against the failed company’s auditor PricewaterhouseCoopers, law firm Johnson Winter & Slattery and individual directors.

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PwC looks to shut down lawsuit claiming DocuSign not a valid form of termination
Justice Steven Rares 2020-11-30 1:12 pm By Cat Fredenburgh

PricewaterhouseCoopers is seeking to strike out a lawsuit brought by a former director who claims her notice of termination was invalid because it was delivered through DocuSign.

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Court hears case of missing Sydney businesswoman Melissa Caddick now murder investigation
Financial Services 2020-11-27 2:38 pm By Spencer Fowler Steen

The brother of missing Sydney woman Melissa Caddick is helping police with an investigation into her murder, a court overseeing ASIC’s action against the businesswoman was told Friday.

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‘I’ve never seen such nonsense in an affidavit’: Judge flays lawyers in S&P class action
Class Actions 2020-11-27 1:09 pm By Cat Fredenburgh

A judge has lashed out at the legal team behind a class action against S&P over allegedly misleading credit ratings for filing hearsay evidence in support of an application to serve the ratings giant overseas, saying that “nobody who is a first year law student” would say the evidence was admissible.

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AMP clashes with BOLR class action over releases for financial advisers
Financial Services 2020-11-24 6:52 pm By Christine Caulfield

Lawyers behind a class action against AMP over changes to its buyer of last resort policy have told a court the parties can’t agree on releases attached to BOLR payments that require exiting financial advisers to waive their claims in the litigation.

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Theta hit with $2M penalty for defective product disclosure statements
Financial Services 2020-11-19 9:41 pm By Cat Fredenburgh

A court has ordered Theta Asset Management, a collapsed financial services provider that ran a property investment scheme targeting retirees, to pay a $2 million penalty for issuing defective product disclosure statements.

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Settlement reached in Chinese investors’ class action against Sydney financial advisor
Class Actions 2020-11-19 5:41 pm By Cat Fredenburgh

A settlement has been reached in a class action against a Sydney-based financial advisory firm by a group of Chinese investors over a property investment and visa scheme that allegedly saw group members lose $14.5 million in funds.

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Five law firms to spar over liability in $15M Dover Financial negligence case
Financial Services 2020-11-18 12:59 pm By Cat Fredenburgh

Two more law firms have been joined to a lawsuit by defunct financial advisor Dover Financial accusing three law firms of providing negligent advice regarding an inaptly titled client protection policy which a judge found was “highly misleading” and “an exercise in Orwellian doublespeak”.

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Former BitConnect promoter hit with charges over alleged cryptocurrency scam
Financial Services 2020-11-17 7:33 pm By Spencer Fowler Steen

Former BitConnect promoter John Bigatton has been charged with a raft of cryptocurrency-related offences, including operating an unregistered managed investment scheme and making false or misleading statements to investors.

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