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Australian Super has agreed to pay a $30 million fine in ASIC proceedings over delays in processing almost 7,000 death benefit claims, but a judge has said he does not have enough information to approve the deal.
In a win for ASIC, a judge has found Choosi misrepresented that its service compared policies from a range of funeral and life insurers, when just two brands were compared.
Former Sequoia CEO Garry Crole has been disqualified for 10 years for his oversight of subsidiary Interprac, whose representatives advised thousands of clients to invest in the failed First Guardian and Shield funds.
Corporate Travel Management and PricewaterhouseCoopers may face a class action over financial misreporting after the travel management company said in April that it would reverse $220 million in revenue after a review found it had overcharged customers.
Former NAB super fund trustee NULIS Nominees has urged the High Court to reject a special leave application in a failed class action over $165 million in conflicted remuneration, saying the appeal is highly fact-specific and doesn't raise a matter of public importance.
The lawyers and funder behind a settled class action against AMP will ask a court to OK fees and commission totalling almost $22 million, a bill that leaves just $7 million for group members but represents a $43 million loss on actual costs.
The Australian Securities and Investments Commission is reviewing 551 audit-related complaints against KPMG, PwC, Deloitte and EY as part of surveillance triggered by the recent whistleblower scandal.
Diversa has been grilled by a parliamentary committee for its refusal to admit failures over the now defunct First Guardian fund, as ASIC reveals it has launched two additional investigations against the super fund trustee.
As residential developer Bathla struggles to secure more funds to stay afloat, the Australian Securities and Investments Commissionr told a senate committee hearing it had been concerned about the private credit market for the past 24 months.
The Australian Prudential Regulation Authority has imposed a $50 million capital penalty and other licence conditions on ING Australia, after the bank breached minimum liquidity requirements over several years.