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A former financial planner of IOOF unit RI Advice, who has been accused by ASIC of pocketing hefty commissions from clients steered to risky investments, has abandoned his defence on the second day of trial.
A financial adviser at the centre of ASIC's bad advice case against an IOOF unit might mount an argument that a fair trial is not possible because of his "fulsome" answers to investigators during a compulsory examination.
ASIC has launched court action against two Commonwealth Bank of Australia subsidiaries that have admitted multiple "systemic compliance failures", including the overcharging of more than $4.3 million in brokerage fees.
ASIC's warning about the futility of mediation with an IOOF subsidiary has proved prophetic, with talks last week failing to resolve the regulator's case ahead of trial starting Monday.
A sacked ANZ trader who alleges he was fired after making complaints about rate-rigging at the bank has sued his former law firm for allegedly withholding documents needed to amend his case against the big four bank.
Police have identified human remains found on a beach on the NSW South Coast as Sydney businesswoman Melissa Caddick, who has not been seen since November.
ASIC has launched court proceedings against National Australia Bank accusing the bank of engaging in unconscionable conduct by charging more than $365,000 in fees to which it was not contractually entitled.
Missing Sydney businesswomen Melissa Caddick was "meticulous and systematic" in generating fake financial records but never made a single investment, pocketing tens of millions of dollars from unwitting family and friends, liquidators say.
The first ever application for a group costs order will be heard in class actions against ANZ and Westpac, and the judge weighing the application has urged the parties to think carefully about the evidence they will submit in support of their bid for a cut of any settlement or judgment.
Group members in a class action against Oculus Accounting may not receive a payout after the company's insurers refused to indemnify it against claims alleging the accounting firm was negligent in prompting an investment in failed music streaming platform Guvera.