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The failings that led to enforcement action against Westpac over 23 million alleged breaches of financial crime laws were ones of omission, and not the result of intentional wrongdoing, according to an independent report released by the bank on Thursday.
An appeals court has vacated orders sending opt out and registration notices to shareholders in a class action against AMP after a successful challenge by the lead plaintiff in a competing class action that was stayed after a high-profile litigation beauty parade last year.
Commonwealth Bank of Australia and Beem It are facing an employment lawsuit by the former CEO of the payments fintech, but details of the case have not been released pending a bid to keep the claims confidential.
A judge has questioned ASIC's proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was "on the light side" for the bank's conduct in overcharging $8 million in fees on its agricultural products.
An official employed with a local branch of the Finance Sector Union claims he was unfairly dismissed after resisting a union directive to send a delegation to a Victorian Labor party conference held in November at which delegates from the CFMEU staged a walkout.
Former Dover Financial director Terry McMaster on Monday admitted to personally drafting a so-called client protection policy described by a judge as an "exercise in Orwellian doublespeak", as the court heard evidence that the defunct financial firm ignored red flags raised by two law firms about the policy.
The Federal Court has granted ASIC a legal win against Bendigo and Adelaide Bank, finding that its small business loan contracts were unfair and created a "significant imbalance" that was likely to detriment customers.
Accepting that criminal proceedings were "on the cards" for accused Ponzi schemer Chris Marco, a judge has ordered the appointment of receivers to his assets and those of his company, AMS Holdings, saying there was a strong need for an independent assessment of the investment activities of the WA businessman.
A court has ruled that a litigation funder backing an unsuccessful real estate lawsuit by two broke plaintiffs must cover the legal costs after finding that the funder's goals in the case were "more to serve its own commercial and financial ends" than to assist its clients.
A proposed notice to eligible group members in Maurice Blackburn's class action against AMP over its fees for no services scandal threatened to bar unregistered shareholders from any settlement stemming from mediation in the case, a threat barred by a recent ruling finding that courts have no power to close class actions to signed up group members, an appeals court has heard.