Not bowed by its defeat against Westpac in a case over alleged responsible lending breaches, the Australian Securities and Investments Commission has brought action against Volkswagen alleging similar violations of the credit laws in relation to almost 50,000 car loans over three years.
A Federal Court judge has ordered Westpac to pay a $9.15 million penalty after one of its financial advisers breached the best interests duty by giving customers bad advice that resulted in millions in losses.
A judge overseeing a consolidated class action against four AMP subsidiaries and two trustees over allegedly excessive superannuation fees has ordered the respondents to coordinate after the lead applicants raised concerns about duplication of work.
Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.
The Australian Securities and Investments Commission has taken legal action against National Australia Bank alleging thousands of violations of the law through its fees for no service conduct, exposing the bank to the risk of significant penalties.
The Australian Prudential Regulation Authority has flagged potentially “substantial gaps in risk governance” by Westpac as it formally kicked off an investigation into the bank and its executives for potential breaches of the Banking Act.
The judge overseeing a conflicted remuneration class action against Suncorp has allowed the class to bring an unconscionable conduct claim, but put the kibosh on the plaintiff’s use of the phrase ‘inter alia,’ saying “only I get to use Latin”.
A magistrate has dismissed a bid to expand the cross examination of a JPMorgan witness in the closely watched criminal cartel case over a $2.5 billion ANZ share placement, calling it a “back door” attempt to bypass a prior court ruling.
A committal hearing in the ANZ cartel case may run a further nine days next year due to ongoing arguments about subpoenas and privilege, which have derailed five planned days of cross-examination of key witnesses and led a Local Court Magistrate to proclaim she was “awful close” to ending her life.
The Australian liquidator of Lehman Brothers has filed a lawsuit seeking $40 million from Fitch Ratings for assigning too-rosy ratings to toxic financial products sold by the bank, following the discovery of a hidden table in Fitch’s rating model by the lawyers leading a now-settled class action against the accounting firm.