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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.
The Federal Court must guard against "exceptions by accretion" when weighing Westpac's application to prevent the public from accessing documents filed in a lawsuit by the bank's former head of strategy, which has resolved in a confidential settlement, a judge heard Wednesday.
ANZ has been hit with a sanction by the Banking Code Compliance Committee for failing to stop or refund fees charged to deceased estates after customer deaths, with the bank to pay over $3.2 million to impacted estates.
Tesla CEO Robyn Denholm has lodged an appeal that must convince the Federal Court that her family office's use of the 'Wollemi' trade mark was not just private and personal, but use in trade or commerce that benefitted third parties, not just the family.
Despite arguing for suppression as a means only to successful mediation, Westpac now wants a settled employment case brought by an executive kept under lock and key. And in a worrying sign the Federal Court may have lost sight of the importance of open justice, a judge has indicated she would entertain an order that the suit never see the light of day.
Defunct microloan company Ferratum has been hit with $16 million in penalties for overcharging low-income consumers during the height of the COVID-19 pandemic, with a judge noting the company's conduct affected a large number of vulnerable customers.
Stockbroking firm Ord Minnett has challenged a judgment that found it must pay years of wages and other entitlements to a wealth adviser who was only remunerated by commission payments, a decision that could have major repercussions through the industry.
ANZ is set to acquire Queensland bank Suncorp, with treasurer Jim Chalmers signing off on the deal after the ACCC failed to block the $4.9 billion merger on competition grounds.