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A judge has agreed to sign off on an order in a massive class action against Westpac that could give 25 percent of any recovery to the litigation funder underwriting the case, on the condition that the funder accept a rate reflecting the net, not the gross, sum.
The deputy chairman of the Australian Securities and Investments Commission, Peter Kell, has resigned just five months into a yearlong extension of his contract with the corporate watchdog.
MyBudget has successfully fought off a class action brought by consumers who claimed the budget management firm violated consumer law by holding onto interest earned on their personal budgeting accounts.
ASIC has filed a lawsuit against shuttered financial adviser Dover Financial and its former director, who famously collapsed during questioning before the Royal Commission, over its client protection policy.
A judge will appoint an independent barrister to examine Westpac's recent $35 million settlement with the corporate regulator, saying it wasn't clear if the bank had breached responsible lending laws as alleged.
ASIC has filed a lawsuit against ANZ alleging it breached its continuous disclosure obligations in relation to a $2.5 billion institutional share placement, which is also at the centre of a criminal cartel case against the bank.
The corporate watchdog's dim view of proposals to regulate litigation funders got a mixed reaction from big players in the industry Thursday, with its position supported by foreign funders but frowned on by at least one home-grown firm.
Litigation funders should not be regulated by ASIC but by the courts, the corporate watchdog has told the Australian Law Reform Commission in response to proposals to overhaul the class action regime and subject funders to licensing requirements.
Law firm Slater and Gordon will launch a series of class actions alleging the big banks and wealth managers ripped off more than $1 billion from members of their superannuation funds.
An Australian mortgage investment manager has been hit with a class action, alleging it charged excessive fees on loans and made misleading representations to borrowers.