Majority shareholders in MWL Financial have filed a derivative suit against US-based Focus Financial Partners over a soured acquisition.
AMP will challenge the admissibility of an expert report central to ASIC’s case over alleged insurance churning by one of the wealth manager’s former financial advisers, after a judge called on the regulator to be more transparent about its communication with the experts in the case.
Trader Daniel Schlaepfer and his firm Select Vantage were alerted to possible market manipulation and flaws in the company’s surveillance system, the court has heard mid-trial in the case alleging ASIC made defamatory remarks to the trading firm’s major business partners.
A court has dismissed an application for a common fund order in a class action against Westpac, saying the applicant in the Maurice Blackburn-led action had failed to sufficiently detail the case and had “shirked” its responsibility by launching the proceedings with a concise statement alone.
The Coalition government will inject a record $550 million in additional funding for the banking and corporate regulators to crack down on wrongdoing in the financial services industry in the wake of the Hayne royal commission.
The Federal Court has been given exclusive jurisdiction over white collar criminal matters, with an additional $35 million in funding coming its way to mange the expanded caseload.
Banking giant Westpac has criticised Maurice Blackburn for rushing to file the first class action in the wake of the banking royal commission’s scathing final report, saying the self-appointed leading class action firm should know how to properly commence proceedings.
Trader Daniel Schlaepfer and his firm Select Vantage are seeking over $10 million in damages from the Australian Securities and Investments Commission in a defamation action against the corporate regulator, a court heard Thursday on the fourth day of trial in the case.
The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gave false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch’s withdrawal of Sigma’s credit rating prior to the collapse of the $27 billion investment fund was a “technical” issue, the bank has admitted.
The Australian Securities and Investments Commission made global trading firm Select Vantage “vanish overnight” from the Australian market using slanderous statements based on a lack of evidence, the NSW Supreme Court has heard.