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Super trustee Netwealth has agreed to return over $100 million to members who invested their retirement savings in the First Guardian Master Fund, in the latest action by the corporate regulator over the failed fund.
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The liquidators of Falcon Capital, which is suspected of having misused $450 million in investor funds, have sued a Melbourne property developer, claiming he knowingly assisted Falcon to loan millions in trust money in a “dishonest and fraudulent design”.
Fresh off a record settlement for the Robodebt scandal, the government is facing a new class action over a law that retroactively allowed it to impose card payment surcharges, which the suit says amounts to unjust enrichment.
ANZ is facing a lawsuit by former CEO Shayne Elliott alleging the bank breached the terms of a contract governing his departure when it denied him $13.5 million in bonus payments.
AMP has agreed to pay $29 million to settle a class action alleging insurance customers were overcharged, putting to rest another case stemming from "serious misconduct" that came to light curing the 2018 banking royal commission.
The competition regulator has cited the public interest in its misuse of market power case against Mastercard in fighting suppression applications by the credit card giant and its heavy-hitter customers, including Coles and Visa.
ASIC has sued superannuation trustee Diversa for investing $300 million in retirement savings into Falcon Capital's failed First Guardian Master fund.
The Commonwealth Bank has paid $792,000 in penalties after the consumer watchdog found it had failed to enable data sharing for certain business customers.
Police have arrested four individuals who are suspected of being involved in a money laundering operation at a Bendigo Bank branch in Victoria.
Liquidators of Falcon Capital have so far clawed back just $1.65 million of the $450 million invested in its failed First Guardian fund, and are holding out little hope for more than minimal further recoveries.