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Ex-Beem It boss takes fintech, CBA to court
Employment 2020-06-04 1:42 pm By Christine Caulfield

Commonwealth Bank of Australia and Beem It are facing an employment lawsuit by the former CEO of the payments fintech, but details of the case have not been released pending a bid to keep the claims confidential.

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ASIC’s proposed $5M penalty against CBA ‘on the light side’, judge says
Financial Services 2020-06-04 12:33 pm By Miklos Bolza

A judge has questioned ASIC’s proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was “on the light side” for the bank’s conduct in overcharging $8 million in fees on its agricultural products.

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Union unfairly sacked official over Labor conference spat, lawsuit claims
Employment 2020-06-03 9:53 pm By Cat Fredenburgh

An official employed with a local branch of the Finance Sector Union claims he was unfairly dismissed after resisting a union directive to send a delegation to a Victorian Labor party conference held in November at which delegates from the CFMEU staged a walkout.

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Dover ignored lawyers’ warnings about ‘misleading’ client policy, court hears
Financial Services 2020-06-01 5:12 pm By Miklos Bolza

Former Dover Financial director Terry McMaster on Monday admitted to personally drafting a so-called client protection policy described by a judge as an “exercise in Orwellian doublespeak”, as the court heard evidence that the defunct financial firm ignored red flags raised by two law firms about the policy.

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‘A significant imbalance’: Bendigo and Adelaide Bank loan contracts unfair, court finds
Financial Services 2020-05-29 6:01 pm By Miklos Bolza

The Federal Court has granted ASIC a legal win against Bendigo and Adelaide Bank, finding that its small business loan contracts were unfair and created a “significant imbalance” that was likely to detriment customers.

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Criminal charges ‘on the cards’ for WA businessman Chris Marco, court told
White Collar 2020-05-27 9:52 pm By Christine Caulfield

Accepting that criminal proceedings were “on the cards” for accused Ponzi schemer Chris Marco, a judge has ordered the appointment of receivers to his assets and those of his company, AMS Holdings, saying there was a strong need for an independent assessment of the investment activities of the WA businessman.

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‘Not an idle or disinterested bystander’: Funder hit with costs for failed real estate case
Real Estate 2020-05-27 7:51 pm By Cat Fredenburgh

A court has ruled that a litigation funder backing an unsuccessful real estate lawsuit by two broke plaintiffs must cover the legal costs after finding that the funder’s goals in the case were “more to serve its own commercial and financial ends” than to assist its clients.

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‘Threat of a heavy sanction’: Shareholder slams opt-out notice in AMP class action
Appeals 2020-05-25 8:15 pm By Miklos Bolza

A proposed notice to eligible group members in Maurice Blackburn’s class action against AMP over its fees for no services scandal threatened to bar unregistered shareholders from any settlement stemming from mediation in the case, a threat barred by a recent ruling finding that courts have no power to close class actions to signed up group members, an appeals court has heard.

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IOOF follow-on shareholder class action flops
Financial Services 2020-05-25 4:13 pm By Christine Caulfield

Eight months after defeating a case brought by the prudential regulator alleging breaches of superannuation laws, wealth manager IOOF has escaped a class action without paying a cent to shareholders.

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Full Court to hear Cigno challenge to ASIC ban on short-term credit lending
Appeals 2020-05-20 12:07 pm By Cat Fredenburgh

Cigno has appealed a ruling shooting down its challenge to the first action brought by ASIC under its powers to prohibit ‘predatory’ financial products, which targeted the payday lender’s model of short-term credit lending.

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