Most Recent
Societe Generale faces criminal charges over handling of client money
Financial Services 2020-03-18 11:17 am By Cat Fredenburgh

The Australian arm of French investment banking giant Societe Generale is facing four criminal charges for allegedly failing to comply with its obligations to keep client money in separate bank accounts.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

‘Serious inadequacies’: AMP units fined $526,000 over derivative transaction reporting
Financial Services 2020-03-17 10:07 pm By Cat Fredenburgh

Two units of AMP have paid a $536,000 penalty for failing to report derivative transactions, with the Australian Securities and Investments Commission slamming the company for “serious inadequacies” in its reporting processes.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

CBA’s Colonial First faces ASIC action over MySuper statements
Financial Services 2020-03-17 9:20 pm By Christine Caulfield

The corporate cop has brought legal proceedings against the Commonwealth Bank’s wealth management unit claiming it made misleading or deceptive statements to over 12,000 fund members during the transition to MySuper accounts.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

ASIC launches two royal commission cases against Commonwealth Bank
Financial Services 2020-03-16 10:35 pm By Christine Caulfield

The corporate watchdog has brought two post-Hayne Commission proceedings against the Commonwealth Bank of Australia, alleging it upped the credit limit of a known problem gambler and overcharged more than $8 million in fees on its agricultural lending products.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

Westpac class action beauty parade is on after new suit filed
Class Actions 2020-03-13 10:45 am By Cat Fredenburgh

Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the class action against the bank.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

ASIC wins High Court appeal over meaning of corporate ‘officer’
Appeals 2020-03-11 12:57 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has scored a victory before the High Court, with the court unanimously finding that the term “officer” under the Corporations Act is not limited to those that hold official positions within a company.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

‘I have been ignored’: Claimant makes courtroom plea in AMP insurance churn case
Financial Services 2020-03-03 4:59 pm By Miklos Bolza

An individual claimant accusing AMP Financial Planning of ignoring multiple attempts to gain remediation for alleged insurance re-writing conduct was granted permission to voice his displeasure in court, while ASIC and AMP grapple with the details of a remediation program for insurance churn victims.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

ASX admits telling ISignthis it would consult with ASIC before lifting suspension
Securities 2020-03-02 9:52 pm By Christine Caulfield

The Australian Stock Exchange has denied claims by ISignthis that it suspended the fintech company’s shares without warning and at the direction of ASIC, but has admitted that it told the company it would consult with the securities regulator before lifting the ongoing suspension.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

ASIC wins unconscionable conduct case against OTC derivatives issuer AGM Markets
Financial Services 2020-02-27 10:28 pm By Cat Fredenburgh

ASIC has notched up a win against derivative issuer AGM Markets and two of its authorised representatives, with a court finding they engaged in misleading, deceptive and unconscionable conduct that caused investor losses of over $30 million.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?

Deloitte partners can’t dodge production order after ‘outrageous’ removal of audit files, Full Court says
Class Actions 2020-02-27 10:00 am By Miklos Bolza

Deloitte has lost its appeal of a ruling in a shareholder class action over the collapse of Hastie Group that compelled the production of audit files taken by a partner from the accounting giant’s litigation room, in a ruling that described the actions of the partner as “bordering on contempt” and slammed Deloitte for “cynically” exploiting the situation.

Subscribe to Lawyerly to access this article.

Already a subscriber?

Lost your password?