Westpac has offered an appeals court two more reasons to affirm its victory in a closely watched responsible lending case brought by the Australian Securities and Investments Commission over almost 262,000 home loans.
Two name partners at law firm Tucker & Cowen have lost another attempt to dismiss a case brought against them by the receivers of failed fund manager Equititrust over $17.5 million in funds allegedly obtained by deceptive means.
The hearing for a class action against National Australia Bank over allegedly worthless credit card insurance will focus on whether the bank’s allegedly unconscionable behaviour in selling these policies was systemic or confined to individual cases.
Commonwealth Bank of Australia’s insurance unit, CommInsure, is facing 87 criminal charges for allegedly hawking life insurance products in unsolicited telephone calls.
A court has thrown out a breach of contract claim brought by two subsidiaries of property developer Minster Group against National Australia Bank, but found the bank must face a $1.2 million unconscionability claim over allegedly excessive fees.
National Australia Bank is setting aside a further $1.18 billion to compensate customers for dodgy adviser service fees, consumer credit insurance sales, and non-compliant advice.
A judge has given the thumbs up to AMP’s new program to identify and compensate victims of so-called insurance churning by its financial planning arm after inadequacies were revealed in the original scheme.
IOOF says it expects to challenge a $80.6 million judgment against subsidiary Australian Executor Trustees over the sale of a timber plantation by the collapsed Gunns Group that left its law firm, Sparke Helmore, off the hook despite a finding that the firm’s advice “fell short”.
Payday lender Cigno is appealing the Australian Securities and Investments Commission’s first action under new powers to ban financial products that targeted its model of short-term credit lending.
An investigation by the Australian Competition and Consumer Commission has come under fire by the banks and directors targeted in a criminal case over alleged cartel conduct that claim the regulator “contaminated” key evidence and improperly used material supplied by ASIC.