The Reserve Bank of Australia’s two banknote subsidiaries pleaded guilty to foreign bribery charges in 2011 and paid fines of more than $21 million, it was revealed Wednesday after a seven-year suppression order was lifted.
Embattled wealth manager AMP has revealed its fees for no service scandal could cost the firm more than $1 billion in customer remediation, and that it might be facing another fees scandal.
A judge has taken a hatchet to Quinn Emanuel’s fees and the funder’s cut in a $12 million settlement of a class action against Bank of Queensland, a settlement which he previously described as one of the “worst” he’d ever seen.
Former Aussie Home Loan boss Stephen Porges has secured a temporary stay of a ruling that found he owed Adcock Private Equity more than $1 million for duping the firm into buying his worthless shares in a digital commerce startup.
An expert witness in an investor class action against Fitch Ratings over toxic financial products is no expert at all, the lead applicant told the court in contesting the admissibility of the expert’s evidence.
Maurice Blackburn and Phi Finney McDonald have sidestepped a competing class action battle in the high-stakes litigation against Commonwealth Bank of Australia over alleged breaches of money laundering laws, with the firms proposing to jointly lead a consolidated class action against the bank.
Westpac-owned BankSA has admitted that convicted Ponzi schemer Michael Samra withdrew funds at “near excess” of the bank’s limits and had insufficient money to honour cheques drawn on his company’s bank account.
Commonwealth Bank of Australia chief Matt Comyn has pointed the finger at his predecessor, Ian Narev, for the bank’s selling of credit insurance to ineligible customers, claiming the former CEO failed to heed advice and stop selling the products.
The government has boosted the budgets of the CDPP and the Federal Court by $51 million in advance of an expected increase in criminal and civil enforcement actions resulting from the Banking Royal Commission.
Defending a class action alleging its vehicle warranties were worthless, a unit of car leasing company McMillan Shakespeare said it has paid out claims to more 3,600 drivers, and was obligated to consider each claim “on its merits”.