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As AMP royal commission witness retires, class action parade begins
Class Actions 2018-12-05 10:35 pm By Christine Caulfield

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.

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NAB units admit to deceptive conduct in $34M fees for no service case
Financial Services 2018-12-05 10:35 pm By Miklos Bolza

Two NAB wealth management units have admitted to engaging in misleading and deceptive conduct by deducting $34.4 million in fees for services that were never provided.

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CBA open to consolidation of dual class actions
Class Actions 2018-12-04 12:11 pm By Miklos Bolza

The Commonwealth Bank of Australia is open to a proposal to consolidate two shareholder class actions filed over alleged breaches of anti-money laundering and counter-terrorism laws, but will address any “devil in the details”, a lawyer for the bank told a court Tuesday.

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RBA cos. fined $21M after pleading guilty in foreign bribery scandal
White Collar 2018-11-28 9:55 pm By Christine Caulfield

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.

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AMP admits another possible fees for no service scandal
Financial Services 2018-11-27 11:09 pm By Christine Caulfield

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.

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Quinn’s fees, funder’s cut slashed in Bank of Queensland class action settlement
Class Actions 2018-11-26 10:47 pm By Cat Fredenburgh

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.

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Ex-Aussie Home Loans CEO wins halt to $1M judgment for private equity firm
Financial Services 2018-11-23 11:30 pm By Cat Fredenburgh

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.

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Fitch expert challenged in investor class action over toxic CDOs
Class Actions 2018-11-23 5:37 pm By Miklos Bolza

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.

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Law firms avoid courtroom showdown with novel CBA class actions deal
Class Actions 2018-11-21 11:36 pm By Cat Fredenburgh

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.

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Ponzi schemer Samra drew funds at ‘near excess’, BankSA admits
Class Actions 2018-11-21 8:41 pm By Miklos Bolza

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.

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