An Australian arm of French banking powerhouse Société Générale has pleaded guilty to client money offences, after it reported to the Australian Securities and Investment Commission that it had deposited client money into unauthorised bank accounts.
AMP’s chief executive Francesco De Ferrari has gone on the offensive against class actions in Australia, saying litigation funders were driving up the cost of doing business, resulting in job losses and increasing costs of financial advice.
The embattled founder of Mayfair 101 investment group has denied allegations that its $80 million IPO Wealth fund is a failed Ponzi scheme as he fights the appointment of a provisional liquidator to the fund.
Already facing action by the corporate regulator for alleged misleading and deceptive conduct and a potential class action, investment firm Mayfair 101 must now defend a lawsuit by former Liberal senator Julian McGauran, who is demanding the return of his $1 million investment.
The Australian Securities and Investments Commission has failed in a high-profile challenge to a ruling for Westpac in its responsible lending case against the bank, with an appeals court majority saying the regulator read too much into the national credit laws.
A challenge to a judgment which found that one partner of a corporate insolvency firm “ambushed” the other to leave the business has been partially overturned by an appeals court.
Ashurst notified Australia and New Zealand Banking Group almost a decade ago about issues relating to its illegal fees, ASIC has told the Federal Court as it fights for documents from the law firm.
The former CEO of Commonwealth Bank subsidiary Beem It was dismissed for blowing the whistle on multiple conflicts of interest by directors of the digital payment company, just months after she was warned by one director that the “CBA wagons” were circling her, a lawsuit alleges.
ISignthis is ramping up its battle against the ASX, seeking court approval to amend its lawsuit against the exchange to seek more than $27 million in damages for its alleged misleading and deceptive conduct.
The Australian Securities and Investment Commission has launched proceedings against the Commonwealth Bank of Australia and its subsidiary Colonial First State Investments over the alleged payment of conflicted remuneration for a superannuation product jointly developed by the financial giants.