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Full Federal Court gets chance to weigh in on market-based causation
Appeals 2019-11-21 4:16 pm By Cat Fredenburgh

Shareholders have appealed a ruling that found a “serious problem” with market-based causation and dismissed three cases against the liquidator of failed global financial services firm Babcock & Brown.

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NAB reaches $49.5M settlement in ‘junk’ insurance class action
Class Actions 2019-11-20 4:51 pm By Miklos Bolza

The National Australia Bank and insurer MLC have agreed to pay $49.5 million to settle a class action over allegedly worthless credit card insurance.

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AUSTRAC sues Westpac for ‘systemic’ money laundering failures
Financial Services 2019-11-20 10:30 am By Cat Fredenburgh

Westpac has been hit with a lawsuit by AUSTRAC for its alleged “systemic” failure to comply with anti-money laundering and counter terrorism finance laws.

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NAB manager sentenced over home loan fraud
Financial Services 2019-11-19 9:41 pm By Cat Fredenburgh

A former National Australia Bank branch manager has been sentenced to a year of home detention for engaging in fraud in relation to the bank’s scandal-ridden Introducer home loan program.

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Ex-Clime Capital exec says he was sacked for complaints about conflicts
Employment 2019-11-19 8:39 pm By Miklos Bolza

Wealth management company Clime Capital and its CEO have been sued by a former chief investment officer who claims he was fired after complaining about a conflict of interest within the firm.

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CBA unit pleads guilty to 87 charges over insurance hawking
Insurance 2019-11-19 10:36 am By Miklos Bolza

The Commonwealth Bank of Australia’s insurance division, CommInsure, has pleaded guilty to 87 criminal charges that it hawked life insurance products in unsolicited telephone calls, but wants credit for the early plea.

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NAB admits to violating Credit Act with ‘Introducer’ program
Financial Services 2019-11-18 11:40 pm By Cat Fredenburgh

The National Australia Bank has admitted to most of the violations alleged in the Australian Securities and Investments Commission’s case over the bank’s $24 billion scandal-ridden ‘Introducer’ loan referral program.

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NAB says ‘significant’ penalties loom over money laundering breaches
Financial Services 2019-11-15 3:58 pm By Miklos Bolza

The National Australia Bank faces the prospect of “significant monetary penalties” after self-reporting a potentially large number of money laundering and counter terrorism financing breaches to AUSTRAC and its overseas counterparts.

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ASIC lashes out at criticism over new responsible lending guidelines
Financial Services 2019-11-14 11:25 pm By Christine Caulfield

The corporate regulator has shot back at “exaggerated and inaccurate criticisms” that its updated responsible lending guidelines were to blame for lack of access to credit.

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Latest suit claims Macquarie owes $4.8M in underpayments
Employment 2019-11-12 4:02 pm By Cat Fredenburgh

Macquarie Bank has been hit with another lawsuit by former financial advisers who claim the bank underpaid them to the tune of $4.8 million by remunerating them solely in commission when they were entitled to a regular wage.

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