AMP has been taken to court by a former licenced financial advisor who alleges he was terminated without proper and sufficient cause and forced to sell his business for $6.1 million under the wealth manager’s buyer of last resort program.
The receivers of Sydney fraudster Melissa Caddick’s estate have reached an agreement with her husband on a small pool of remaining assets in dispute that will see half of her teenaged son’s sneaker collection sold to repay defrauded investors.
ANZ is facing proceedings by a shareholder who wants the bank to turn over documents related to its risk management systems in response to concerns it is increasing loans to fossil fuel companies and failing to properly address climate change risks.
Superannuation fund trustee H.E.S.T Australia has paid a $48,600 fine after being slapped with three infringement notices by the corporate regulator over alleged misleading statements in Facebook and Instagram ads.
AustralianSuper has admitted that it contravened superannuation regulations when it failed to merge the accounts of members who had multiple accounts, but says it has remediated affected customers more than $69 million.
The Australian Securities and Investments Commission has filed its first-ever case over internal dispute resolution regulations, targeting Telstra Super over its handling of customer complaints.
Financial services provider Pioneer Credit has taken auditor PwC to court, claiming $32 million in loss and damages over its advice on how the company should value its financial assets.
Trial in a defamation suit by Mayfair 101 founder James Mawhinney over a media release issued by ASIC has been pushed off until the outcome of the regulator’s second go against the investment spruiker.
An IP Australia has knocked back PayPal’s bid to patent an AI-powered model for making purchase or donation recommendations to online shoppers at checkout, rejecting simplistic considerations of AI-related inventions.
Charges have been laid against two financial services companies associated with investment promoter David Henty Sutton, who was slapped with a lifetime ban by the corporate regulator this year.