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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.
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.