Financial Services

Insurer QBE has admitted liability in ASIC’s case alleging it made empty promises to over half a million customers on policy discounts, but a dispute over the size of the penalty remains.

CMC Markets wants a class action to fork over $8.6 million more in security after substantially amending its case, which alleges the financial services firm issued complex, risky derivatives that were not appropriate for retail investors.

Mallesons has promoted nine lawyers to its partnership, leaning into its strength as a go-to firm for the country's major banks by promoting four lawyers in its banking and finance practice, in addition to elevating two IP litigators. 

The trial judge in enforcement action against Mastercard had harsh words Thursday about the company's witnesses, including a top executive whose testimony he said was "most unsatisfactory and unimpressive".

Former Keystone Asset Management director Paul Chiodo has been ordered to produce books in his possession as well as bank account statements of family members, as he defends himself in a case over alleged misappropriated money.

Mastercard argued Wednesday it relied on legal advice in drafting alleged anti-competitive deals with major retailers, as the judge questioned the reliability of some witnesses for the payments giant, who recalled "virtually nothing".

Insurers Marsh Limited and Insurance Australia Limited are seeking production of two reports by Deloitte commissioned by a Swiss law firm in litigation over the collapse of supply chain finance company Greensill Capital. 

Former Keystone Asset Management director and developer Paul Chiodo has been ordered to produce books in his possession as well as bank account statements of family members, as he defends himself in a case over alleged misappropriated money.

Melbourne stockbroker Fortrend Securities has lost its bid to stay orders that it pay $621,000 in compensation and penalties as well as $2 million in legal costs after two financial advisers who jumped ship to Shaw & Partners won their case over withheld bonuses.

A former EY partner has lost his appeal in a fight with National Tiles over an alleged $1 million lost opportunity to acquire shares, despite the court finding the tiling retailer breached the cooperation terms of the agreement.