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HESTA to pay members stung by ‘unfair’ COVID-19 revaluations
Superannuation 2024-11-19 11:53 pm By Julia Kanapathippillai

The trustees of super fund HESTA have agreed to make payments to two groups of members impacted by valuation decisions made at the start of the COVID-19 pandemic.

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Marsh fights ‘serious’ finding it used Greensill litigation docs in UK case
Insurance 2024-11-19 3:57 pm By Christine Caulfield

Insurer Marsh has wasted no time in appealing a ruling that it breached an obligation not to use documents discovered in litigation over the $7 billion collapse of Greensill in separate proceedings.

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CBA class action judge used ‘far too onerous’ test, appeals court told
Class Actions 2024-11-18 11:38 pm By Cindy Cameronne

Two failed class actions against CBA claim a judge used a “far too onerous test” for materiality in deciding whether the bank should have told the market about deficiencies in its anti-money laundering systems. 

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ASIC takes NAB to court over customer hardship claims
Financial Services 2024-11-18 12:51 pm By Julia Kanapathippillai

The corporate watchdog is suing the second Big Four bank in two months, alleging NAB mishandled hundreds of hardship applications from vulnerable customers.

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Barristers acting on instructions from solicitor to be exempt from AML/CTF regime
Legal Ethics 2024-11-15 2:39 pm By Cindy Cameronne

A senate committee has recommended that rules requiring that lawyers comply with anti-money laundering obligations should not apply to barristers acting on instructions from solicitors.

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Class action in Hong Kong against Forex trader could complicate Aussie case, court told
Class Actions 2024-11-15 3:26 pm By Andy Sidler

A concurrent group proceeding in Hong Kong could complicate an Australian class action against Perth-based forex trader Best Leader Markets Pty Ltd.

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Ex-Keystone director may claim penalty privilege in receivers’ lawsuit
Restructuring & Insolvency 2024-11-15 11:54 pm By Cindy Cameronne

A former director of investment firm Keystone, who is suspected by the corporate regulator of misusing millions in investor funds, has flagged a potential bid to keep his silence in a case by court-appointed receivers. 

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ASIC seeks $20M penalty against Kraken crypto exchange
Cryptocurrency 2024-11-14 11:22 pm By Andy Sidler

In the second test of the new design and distribution obligations under the Corporations Act, ASIC is seeking a $20 million penalty against the provider of the Kraken crypto exchange.

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ASIC sets sights on cost of living pressures in 2025 enforcement agenda
Financial Services 2024-11-14 11:26 pm By Christine Caulfield

The corporate regulator has outlined its enforcement priorities for next year, and top of the hit list will be businesses that exploit cost of living pressures.

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ASIC slams ‘false’ premise of payday lender BSF’s appeal
Financial Services 2024-11-14 11:08 pm By Cindy Cameronne

ASIC has attacked an appeal argument by payday lenders BSF Solutions and Cigno that athough they offered short-term loans, the fees they charged had no link to the credit services.

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