The Australian Securities and Investments Commission has lost a bid to have the Federal Court decide a threshold legal question in its dodgy home loan case against Westpac, which is going to trial after a $35 million settlement got the thumbs down.
The consumer watchdog has sought more than $1.5 million in penalties against debt collector ACM Group after the company was found liable for harassing vulnerable customers, but a judge on Tuesday questioned whether the fine, which could leave the company insolvent, was too punitive.
IOOF’s chairman and CEO are stepping down to defend against a Federal Court action by Australia’s financial regulator seeking to have them, along with three other executives of the embattled wealth manager, disqualified from acting as superannuation trustees.
The corporate cop’s case against Westpac over allegedly irresponsible lending practices will go to trial after the Federal Court rejected the bank’s $35 million settlement.
Australia’s financial regulator is seeking to have top executives and directors of IOOF disqualified from acting as superannuation trustees, the watchdog said Friday, as Shine Lawyers revealed it has been investigating a possible class action against the financial services firm for a year.
And then there were four. Plaintiffs law firm Slater & Gordon wants to consolidate its AMP shareholder class action with Maurice Blackburn’s case and hand over the reins to its rival, a deal signed the day the Full Federal Court affirmed the power of judges to shut down competing class actions.
The showdown between five law firms vying to lead a class action over the AMP fees for no service scandal kicked off in the NSW Supreme Court Thursday with counsel for one case saying the contest, although costly and consuming, would ultimately be a win for all class action participants.
Former Reserve Bank of Australia official Christian Boillot was sentenced Thursday to a two and a half years’ suspended jail term over his role in a conspiracy to bribe foreign officials to win banknote business.
ANZ treasurer Rick Moscati was at the centre of a flurry of phone calls and meetings with underwriters and other bank executives on the day the underwriters agreed to pick up a $791 million shortfall in a $2.5 billion capital raising, an agreement which has led to groundbreaking cases by two regulators, according to a new court document.
AMP’s advice executive Jack Regan, the witness who aired the firm’s fees-for-no-service dirty laundry at the Royal Commission, has retired, a day before five law firms compete to lead a class action over the scandal.