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The corporate regulator says platform super trustees are failing to monitor excessive advice fees, risky adviser behaviour and high-risk super switching, despite $1 billion in losses suffered by investors in the wake of the collapse of the Shield and First Guardian Master Funds.
A shareholder class action against former directors of collapsed mining company CuDeco has settled on the eve of trial, a year after KPMG reached a settlement.
The Australian Securities and Investments Commission has brought proceedings against former Keystone directors and compliance committee members, the latest in a flurry of suits over the collapse of the Shield and First Guardian Master funds.
A former partner of private equity firm Potentia Capital has filed a lawsuit alleging he was unlawfully denied $3.6 million in benefits from two funds as punishment for whistleblower disclosures.
Super trustee Diversa has denied it is liable for $300 million in alleged investor losses after it made the First Guardian Master Fund available on its platform, pointing the finger at responsible entity Falcon Capital, its directors and ASX-listed promoter Praemium.
A shareholder class action has won access to reports by FTI Consulting and KPMG that were commissioned by water remediation company Phoslock, with a judge finding they were not created for the dominant purpose of providing legal advice.
A financial licensing expert has predicted that cryptocurrency firm Block Earner will have to produce the legal advice that saw it avoid a penalty at first instance, after the High Court found last week that it needed a financial services licence.
A senator has criticised KPMG for claiming a commitment to transparency while also maintaining legal professional privilege over advice from Allens and Ashurst into the alleged misuse of confidential information.
A failed class action against former NAB super fund trustee NULIS Nominees over $165 million in conflicted remuneration has asked the High Court to revive the case and provide clarity on the fees for-profit trustees can charge for their compensation.
A judge has approved a $35 million penalty against HSBC in ASIC’s novel case over the bank's scam protection failures, despite questioning whether the punishment was severe enough given how long the case took to settle.