A law firm has reached a settlement with the lender of a property development in North Melbourne, paying $1 million to resolve claims it was negligent in preparing a loan agreement.
Hong Kong-based NGS Crypto Group and its director have lost their bid to undo receivership and freezing orders made amid concerns about dissipation of assets as ASIC investigates whether hundreds of Australians who sank $21.1 million into the crypto firm were misled about the safety of their investments.
ANZ has confirmed that senior executives could face consequences in an investigation led by Herbert Smith Freehills and Allens regarding concerns that it manipulated government bond sales last year.
Characterising a settled lawsuit by a Westpac senior executive alleging employment breaches as a “private” matter, a judge has made broad confidentiality orders that bar public access to the case.
Jones Day has bolstered its financial markets practice with the addition of a former Baker McKenzie special counsel.
The ex-chair of former ANZ unit OnePath “has not been cooperating” in a class action alleging it breached its duties as a trustee of superannuation funds by slugging members with excessive fees to pay commissions to financial advisers, a court has heard.
A unit of Insignia Financial, formerly IOOF, has paid $10.7 million in infringement notices for allegedly failing to put members’ default superannuation contributions into MySuper products.
A New Zealand appeals court has ruled that common fund orders can be made in class actions, even at the early stages, departing from the High Court of Australia in finding the commercial viability of a proceeding enhances access to justice.
A judge has ordered credit card giant American Express to pay $8 million in ASIC’s first-ever case over design and distribution obligations, but has criticised the recently enacted provisions as being “poorly drafted”.
The ACCC has secured $6 million in penalties against wealth education company DG Institute and its CEO Dominique Grubisa, as well as orders that the company refund $14.7 million in course fees to customers who enrolled in its ‘Master Wealth Control’ program.