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NAB, ex-Walton Construction exec may face $70M suit by special purpose liquidator
Restructuring & Insolvency 2019-08-07 3:30 pm By Miklos Bolza

National Australia Bank and the director of the collapsed Walton Construction face a possible lawsuit over more than $70 million in claims after the Federal Court gave the greenlight to the appointment of a special purpose liquidator to pursue the case.

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Ex-Reinventure partner must have independent valuer assess her claim to cut of $100M
Financial Services 2019-08-07 3:09 pm By Miklos Bolza

The former partner of Westpac-backed venture capital firm Reinventure Group has been ordered to appoint an independent valuer to clarify the claimed loss against her former employer before the parties enter mediation.

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$6M Bank of Queensland class action settlement one claim under insurance policy, appeals court says
Insurance 2019-08-06 9:19 pm By Miklos Bolza

An appeals court has found insurers AIG Australia and Catlin Australia have to cover part of a $6 million settlement agreed to by Bank of Queensland last year in a class action brought by investors in a multimillion dollar Ponzi scheme by jailed fraudster Bradley Sherwin.

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Super funds could pay dearly for employer gifts, ASIC warns
Financial Services 2019-07-31 10:12 pm By Christine Caulfield

The Australian Securities and Investments Commission has warned superannuation funds they face criminal penalties if they try to win over employers with tickets to sporting events or other gifts.

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Judge rejects ‘arguably excessive’ funder’s commission in KPMG class action
Class Actions 2019-07-31 11:52 am By Miklos Bolza

A judge has rejected a proposed common fund order in the settled KPMG class action, saying the funder’s commission was “arguably excessive” and could result in a “stratospheric” return to the firm.

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RMBL exec told class members he hoped they would opt out of case, court told
Class Actions 2019-07-30 7:39 pm By Amelia Birnie

Customers of mortgage lending and investment firm RMBL say they were “shocked” when the company’s chief financial officer allegedly called them to say “he hoped” they would opt out of an excessive fees class action that had been filed against the firm.

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Government to introduce ban on grandfathered commissions
Financial Services 2019-07-30 7:13 pm By Miklos Bolza

The Federal Government will introduce legislation Thursday that would ban the grandfathering of conflicted remuneration for financial advisors, after the banking royal commission suggested scrapping the practice.

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Class action dropped against failed financial planner Navra Group
Class Actions 2019-07-29 1:14 pm By Miklos Bolza

The applicants in a class action against Navra Group have dropped their case after group members settled their claims in a separate proceeding with the defunct financial planner’s liquidators.

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AMP taken by surprise by ASIC’s claim of 120 breaches in insurance churn case
Financial Services 2019-07-26 9:45 pm By Amelia Birnie

AMP Financial Planning has attempted to qualify its admission to so-called insurance churn allegations by the corporate watchdog, suggesting it might not have admitted to “all contraventions” if it had known ASIC would push for up to 120 separate breaches and $36 million in penalties.

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Judge OKs Westpac’s confidential class action settlement over unregistered investment scheme
Class Actions 2019-07-26 2:28 pm By Christine Caulfield

A judge has signed off on a confidential settlement resolving a class action brought by investors against Westpac over its role in an unregistered managed investment scheme run by now deceased financial advisor Tony Famularo.

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