A Pacific Current shareholder has won court approval to bring a derivative lawsuit against certain current and former directors of the funds management company for allegedly breaching their duty of care and diligence in relation to the company’s 2014 merger with US-based Northern Lights Capital Group.
ASIC has criticised a Federal Court judge for his ‘thought experiments’ around prospective home loan applicants feasting on Wagyu beef and shiraz, as the regulator challenges the judge’s dismissal of its responsible lending case against Westpac.
Financial services provider IOOF may have beaten back regulatory action, but it still faces the wrath of shareholders, with a new class action claiming the firm engaged in corporate misconduct that includes insider trading, front running and breaches of trustee duties.
Baker McKenzie has nabbed former King & Wood Mallesons special counsel Charlie Detmold for the law firm’s key banking and finance practice in Melbourne.
Two investors in failed Great Southern Group managed investment schemes have lost their latest appeal over a controversial class action settlement deed that allowed Bendigo and Adelaide Bank to enforce loans issued to fund their investments. But a third borrower, who denied he was a member of the class action, has been given the greenlight to defend the bank’s recovery proceedings.
National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
Two former directors of defunct Gold Coast asset manager Avestra are facing a lawsuit from the company’s liquidators seeking to recover $6 million in alleged losses by three of the company’s managed investment schemes.
The High Court has declined two insurers’ request for review of a decision that left them on the hook for covering part of a $6 million class action settlement by Bank of Queensland.
An ACCC officer who was heading up a team investigating alleged cartel conduct by ANZ Banking Group and three investment banks has admitted that the regulator may have made an ‘oversight’ in a letter of comfort offered to JPMorgan ahead of the bank’s immunity application in the case.
Nine-owned Fairfax Media has been sent back to the drawing board to redo what a judge called a “very unhelpful” defence to a defamation lawsuit brought by venture capitalist Elaine Stead over articles that appeared in the Australian Financial Review about her role in the collapse of fund manager Blue Sky Alternative Investments.