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ANZ, Suncorp gear up for fight with ACCC over $4.9B merger
Competition & Consumer Protection 2023-09-12 11:25 pm By Sam Matthews

A battle with the competition regulator over the proposed ANZ, Suncorp tie-up has begun, with the first clash involving a group of rival lenders that want their submissions to the ACCC kept under lock and key.

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NAB’s cultural review report in ‘boys’ club’ suit protected by legal privilege, says judge
Employment 2023-09-11 6:24 pm By Cindy Cameronne

NAB can shield a report commissioned by its lawyers at Herbert Smith Freehills into the bank’s workplace culture from a former head of repo trading who alleges she was bullied and paid less than other workers because of her gender. Federal Court Justice Wendy Abraham ruled on Friday that a report by Wise Workplace Solutions…

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Mawhinney must pay $1.3M to continue suit against McGrathNicol receivers
Real Estate 2023-09-11 5:09 pm By Cindy Cameronne

Mayfair 101 founder James Mawhinney must pay $1.3 million in security within six weeks or a case brought on behalf of his property management group Mainland against a lender and two McGrathNichol receivers will be thrown out. 

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NAB sues You Need A Budget app, says brand will confuse Aussies
Intellectual Property 2023-09-08 11:58 pm By Christine Caulfield

National Australia Bank is suing US company You Need A Budget, alleging the YNAB app, which helps users manage their finances, steps on its well-known trade mark and will confuse Australians.

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ASIC alleges AustralianSuper caused $69M in member losses
Financial Services 2023-09-08 11:00 pm By Cat Fredenburgh

The corporate regulator has taken the country’s largest superannuation fund, AustralianSuper, to court for allegedly causing $69 million in losses to customers by failing to merge multiple superannuation accounts.

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ME Bank pleads guilty to misleading borrowers, says crime didn’t hurt anyone
Financial Services 2023-09-07 11:00 pm By Sam Matthews

Direct bank Members Equity has pleaded guilty to criminal charges over misleading representations to customers, but a judge has questioned the bank’s submissions in favour of a low penalty, noting it was only “happenstance” that a systems glitch didn’t lead to worse outcomes for customers.

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PayPal taken to court over 60-day deadline for complaints
Financial Services 2023-09-07 12:54 pm By Sam Matthews

The corporate regulator has filed a suit against fintech giant PayPal over a term in its contracts with small businesses that sets a deadline for complaints about excess fees.

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ASIC wins case against digital lender Ferratum
Financial Services 2023-09-07 11:41 am By Cindy Cameronne

The Australian Securities and Investments Commission has won its case against Finnish microloan company Ferratum alleging it overcharged vulnerable, low-income consumers during the height of the COVID-19 pandemic. 

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Receivers reach agreement with Melissa Caddick’s husband
Restructuring & Insolvency 2023-09-06 11:53 pm By Sam Matthews

The receivers of Melissa Caddick’s estate have reached an in-principle agreement with the Sydney frauster’s husband and son in relation to the division of a small number of remaining assets.

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Westpac sued by ASIC for ignoring financial hardship claims
Financial Services 2023-09-05 6:38 am By Christine Caulfield

ASIC has brought court action against Westpac for allegedly dropping the ball on financial hardship claims by customers, some of whom had property seized or declared bankruptcy while waiting for a response from the Big Four bank.

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