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Financial services provider IOOF may have beaten back regulatory action, but it still faces the wrath of shareholders, with a new class action claiming the firm engaged in corporate misconduct that includes insider trading, front running and breaches of trustee duties.
Baker McKenzie has nabbed former King & Wood Mallesons special counsel Charlie Detmold for the law firm's key banking and finance practice in Melbourne.
Two investors in failed Great Southern Group managed investment schemes have lost their latest appeal over a controversial class action settlement deed that allowed Bendigo and Adelaide Bank to enforce loans issued to fund their investments. But a third borrower, who denied he was a member of the class action, has been given the greenlight to defend the bank's recovery proceedings.
National Australia Bank's "grossly deficient" systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
Two former directors of defunct Gold Coast asset manager Avestra are facing a lawsuit from the company's liquidators seeking to recover $6 million in alleged losses by three of the company's managed investment schemes.
The High Court has declined two insurers' request for review of a decision that left them on the hook for covering part of a $6 million class action settlement by Bank of Queensland.
An ACCC officer who was heading up a team investigating alleged cartel conduct by ANZ Banking Group and three investment banks has admitted that the regulator may have made an 'oversight' in a letter of comfort offered to JPMorgan ahead of the bank's immunity application in the case.
Nine-owned Fairfax Media has been sent back to the drawing board to redo what a judge called a "very unhelpful" defence to a defamation lawsuit brought by venture capitalist Elaine Stead over articles that appeared in the Australian Financial Review about her role in the collapse of fund manager Blue Sky Alternative Investments.
During another day of cross-examination in a criminal cartel case against ANZ and two investment banks, a key ACCC officer was accused of lying about his interrogation of a key cartel witness, with the officer insisting there was nothing "sinister" in his examination.
AMP will face a class action alleging its financial representatives pushed AMP inflated insurance policies onto 100,000 customers despite knowing that better policies could be found through other providers.