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Superannuation provider Statewide Super has announced that it will not defend civil penalty proceedings brought by ASIC over an administrative error which resulted in around 12,500 fund members being charged for non-existent insurance.
A mid-trial settlement has been reached in a lawsuit brought by the liquidators of collapsed steel giant Arrium against 10 former company directors and officers for allegedly engaging in insolvent trading.
Westpac has been accused by the corporate regulator of insider trading before the $16 billion privatisation of electricity provider Ausgrid.
Victoria’s attorney-general has appointed star senior counsel for the banking royal commission, Rowena Orr QC, as the state’s highest legal adviser.
AUSTRAC has taken enforcement action against military lender Australian Military Bank after accusing the bank of violating anti-money laundering, counter-terrorism finance laws.
ASIC has won a $20 million judgment against derivative trader Forex CT for using “unfair” sales tactics and misleading clients into making trades from which the company would benefit even when they had informed their adviser they had limited financial resources.
A director of Gold Coast accounting firm Oculus has lost his bid to represent the company in a class action by investors in failed music streaming platform Guvera, with a judge unconvinced the company lacked the means to fund the litigation and finding the director was not suitable to represent the company.
The judge overseeing the first ever bid for a group costs order in a class action that will give the plaintiff's law firm a percentage cut of the proceeds has urged the firm to rethink characterising its own solicitor as an expert.
A junior solicitor's meeting notes during an ASIC investigation of ANZ did not belong to her client despite the lawyer billing for her attendance at the meeting, law firm HWL Ebsworth has argued before a skeptical judge.
The Commonwealth Bank of Australia is resisting a novel proposal by ASIC to use its CommBank app to notify 6.3 million customers of a $7 million fine against it for overcharging interest, saying the move would pose a "significant risk" to the public.