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A judge has signed off on a multi-million dollar settlement in a class action by retirees who claim they lost $27 million with the collapse of property lender Wickham Securities
The corporate regulator has confirmed it is investigating AMP over its 'fees for no service' practice revealed at the Hayne Royal Commission in stunning testimony Treasurer Scott Morrison on Wednesday called "deeply disturbing".
A former NAB financial adviser has been permanently banned from providing financial services after an ASIC investigation found he fleeced clients out of at least $2 million.
Two high ranking analysts from S&P Global have distanced themselves from the decision making process at the heart of a class action over toxic financial products given healthy ratings by the agency ahead of the global financial crisis.
The independence of a report by law firm Clayton Utz to ASIC over AMP's practice of charging customers for services not performed was called into question Tuesday at the Hayne Royal Commission.
Two Commonwealth Bank subsidiaries have entered an agreement with ASIC to pay $3 million for failing to provide annual reviews to customers that paid for the service, adding to the $88 million they have already paid out to 31,500 affected customers.
Global insurer Jardine Lloyd Thompson could be hit with a class action over allegations that local councils across Australia paid excessive premiums for its advice.
A former treasurer for Coffs Harbour City Council was "careless" for not analysing the financial products he invested millions of dollars of the city's funds into, a lawyer for ANZ said last week at a class action trial against the bank and US ratings agency S&P Global.
Federal Court Justice Michael Lee has again weighed in on the use of cost consultants to assess legal fees in class actions, saying that they should be "consigned to the dustbin of procedural history."
Australia and New Zealand Banking Group Limited has agreed to pay $3 million after an ASIC investigation found it failed to provide annual reviews to wealth management customers that paid for the service.