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Westpac has been hit with a $26 million penalty -- just shy of the $30 million sought by ASIC -- for failing to respond to online hardship applications on time on 277 occasions, in conduct described as “grossly negligent”.
The Commonwealth Bank has urged the High Court to uphold a ruling rejecting shareholders' damages claims in two class actions, saying the decision correctly rejected their "conflation of materiality with loss".
A judge has rejected a bid by a shareholder class action against water treatment firm Phoslock and auditor KPMG to put off paying $1.6 million in overdue cash security while negotiations about an ATE policy are on foot.
A judge has approved a $67 million settlement in a class action against QSuper but has trimmed the payout for the litigation funder, criticising it for a "brazen and unjustified" deduction that was dropped during the hearing.
Former NAB super fund trustee NULIS Nominees was able to charge $165 million in fees for paying adviser commissions after conflicted remuneration was banned in 2016, an appeals court has ruled.
The corporate regulator has filed proceedings alleging superannuation trustee Equity Trustees failed to act in members' best interests by allowing them to sink $65 million into Falcon Capital's First Guardian Master Fund.
Zip Co has reached an agreement to acquire the 'Zip' trade mark from non-bank lender Firstmac, after the High Court rejected its honest concurrent use defence last week.
Two Credit Suisse funds and UBS on Monday lost a battle to shield documents in sprawling litigation over the collapse of trade financier Greensill, failing in their arguments that production of the material ran afoul of Swiss and Luxembourg law.
ASIC says payday lenders Cigno, BSF and their directors should pay $150 million in penalties, arguing a judge should not have found they were entitled to a reduced $7 million in penalties because they had relied on legal advice from Piper Alderman.
Sequoia Financial Group subsidiary Interprac is pursuing a victim of the Shield and First Guardian investment funds failure as part of litigation against the financial complaints watchdog.