A judge has permanently banned the director of financial services firm Gallop International from the industry and proposed a record $3 million fine after the corporate watchdog brought enforcement action alleging $40 million of investors’ money disappeared from Gallop’s bank account.
ACCC Chair Rod Sims reiterated concerns about the lack of competition in the retail banking sector on Wednesday, but shut down media reports that the competition regulator is pushing for a royal commission-scale inquiry into the big four banks.
Five IOOF executives will learn their fate this week when a judge rules on a disqualification bid by the prudential regulator, the first judgment to be delivered by a court in a case filed in the wake of last year’s scandal-airing banking royal commission.
With over 300 concurrent investigations on foot, the Australian Securities and Investments Commission has leaned heavily into its ‘why not litigate’ approach and is bringing outside help on board, including from law firms.
The Australian Securities and Investments Commission has filed an appeal against the Federal Court’s responsible lending ruling in favour of Westpac, arguing the decision had created uncertainty around the obligations of credit providers.
State Street Global Advisors has been given the go-ahead to use evidence unearthed in its trade mark and copyright action against Maurice Blackburn over the iconic Fearless Girl statue as evidence in a related US lawsuit against the sculpture’s creator.
Two Westpac units have been hit with a class action over allegedly excessive superannuation interest rates, the third class action filed as part of Slater and Gordon’s $1 billion ‘Get Your Super Back’ campaign.
The $29 million settlement in the Radio Rentals ‘Rent, Try, $1 Buy’ class action is back on track after concerns by former CEO James Marshall about uncertainty in the deed of settlement were resolved.
The Australian Securities and Investments Commission has filed Federal Court proceedings against Bank of Queensland and Bendigo and Adelaide Bank over alleged unfair terms in their small business contracts.
A consumer class action against Radio Rentals over its ‘Rent, Try, $1 Buy’ scheme is “very close” to settling, a court heard Monday, with just a few more days required to negotiate a final agreement.