Pointing to Westpac’s progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.
The judge who presided over ASIC’s successful case against payday lender Sunshine Loans has recused himself from deciding on penalty in the matter, saying a new court protocol might be needed for when a judge makes an adverse credit finding during the liability phase of a case.
A class action has been filed against Fitch Ratings on behalf of investors represented by a lawyer who has taken on credit ratings agencies over risky financial products for over a decade.
Former BitConnect national promoter John Louis Bigatton has been convicted for his role in marketing the online cryptocurrency platform, a global Ponzi scheme that reached a market capitalisation of $5 billion before its collapse.
Fund manager Real Asset Management has appealed a ruling which upheld mortgage broker RAMS’ bid to block the registration of two RAM trade marks.
Mills Oakley has lured a founding partner of Hamilton Locke and an environmental, social and governance lead from KPMG to join its Sydney team.
Group members in a class action against ANZ over credit card interest charges that settled for $57.5 million are expected to take home at least 60 per cent of the settlement sum after legal fees and a funder’s commission are deducted.
In a win for ASIC, the Federal Court has found that non-bank lender Firstmac Limited breached the design and distribution obligations, introduced in 2021, by marketing a managed investment scheme that could be unsuitable for customers’ financial needs.
The corporate regulator has secrued orders barring fintech giant PayPal from enforcing a term in its contracts with small businesses that set a two-month deadline for complaints about excess fees.
PricewaterhouseCoopers has agreed to pay $8.25 million to settle a class action on behalf of Axsesstoday bondholders over an allegedly misleading bond prospectus, bringing the settlement total to $9.5 million after a group of insurers agreed to pay $1 million to settle the class action’s claims.