A referee has been appointed to examine the fees for the liquidators of stockbroker Halifax Investment Services, which collapsed in December 2018, trapping around $200 million in client funds.
Westpac has become the latest company to discover it shortchanged workers, announcing it will pay $8 million to around 8,000 current and former staff who were not paid long service leave entitlements.
A former high-flying trader is taking ANZ to court alleging the bank dismissed him for making complaints about attempted manipulation of a key interest rate and not, as the bank claims, for his “offensive” chats with other traders.
A court has appointed provisional liquidators to the IPO Wealth Group, rejecting claims by the firm’s sole director that the move would severely damage his reputation and that of the wider Mayfair group.
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.