A judge has struck out part of a class action against the Commonwealth Bank of Australia that alleges it kept investors in the dark about deficiencies in its systems for monitoring money laundering and terrorism financing risks, saying it wasn’t clear what the bank was expected to disclose.
Online lender Prospa has agreed to alter unfair terms in its standard form small business loan contracts, after it delayed a planned float due to concerns raised by ASIC about its loan terms.
A subsidiary of car leasing company McMillan Shakespeare faces a class action over vehicle warranties that gave the company “complete and unfettered” discretion to reject claims by customers.
ASIC has taken two NAB wealth management units to court for allegedly charging superannuation members around $100 million in fees for services they never received.
Private equity firm Adcock has won almost $1 million in a judgment against the former boss of Aussie Home Loans, Stephen Porges, who was found to have misled the firm over the profitability of shares in a digital commerce startup he wanted to offload.
Westpac will pay $35 million to settle a case brought by ASIC alleging the bank breached responsible lending laws through its automated home loan system, the largest civil penalty ever awarded under the National Credit Act.
A trial set to begin Monday morning in ASIC’s landmark case against Westpac alleging the bank breached responsible lending laws was postponed amid settlement talks, which were expected to continue into the evening.
Macquarie Group has defended its remuneration package for financial advisers in its private wealth unit, denying claims it paid them entirely in commissions and unlawfully withheld regular wages.
A mortgage broker can eyeball an internal Westpac document as he considers a misleading and deceptive conduct case against the bank for stripping him of his accreditation without explanation.
The decision by a federal judge to refuse calls for a confidentiality order keeping under wraps S&P Global’s massive class action settlement is a welcome one, experts say, and a preview of judgments to come.