The Australian Securities and Investments Commission will get a $70.1 million boost to fight corporate wrongdoing as part of a funding package that includes a plan to embed ASIC staff in the big four banks and AMP.
Settlements totaling $39 million have been reached in two class actions against the former trustee of failed investment groups LKM Capital and GR Finance.
Former Slater & Gordon auditor Pitcher Partners has been hit with a class action alleging it signed off on an overly rosy 2015 year-end financial report that failed to disclose risks and impairments the firm faced from its recent acquisition of UK firm Quindell.
Lawyers for two competing class actions against the Commonwealth Bank of Australia over breaches of anti-money laundering laws say the cases can happily co-exist, but whether the court will agree may well depend on the outcome of a closely-watched appeal in a separate battle over multiple proceedings.
Macquarie Bank is facing a fourth lawsuit by a group of former financial advisers alleging it breached the Fair Work Act by denying them regular wages.
A settlement has been reached in two class actions brought on behalf of holders of debentures who allege they suffered losses due to Australian Executor Trustees’ mismanagement of debenture issuer Provident Capital.
A judge has denied ASIC’s bid to appoint an interim receiver to preserve the assets of three financial services companies that advised clients to invest in complex derivatives, which ASIC is seeking to have wound up for alleged violations of the Corporations Act.
Embattled financial giant AMP has moved to regain customer trust, allocating $290 million to compensate customers going back 10 years, the company told shareholders Friday.
The funders of two class actions against a trustee of failed investment groups LKM Capital and GR Finance have agreed to cut their commission by 15 percentage points.
The amicus hired to assess the funder’s cut of a potentially record settlement in several class actions against S&P Global over toxic financial products has told the judge that if he’s considering approving a funding equalisation order, he should “start with a blank piece of paper” in calculating a reasonable funder’s commission.