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A class action boutique has filed proceedings against Toyota's finance arm over car loans that allegedly encouraged dealers to set high interest rates in exchange for large kickbacks.
Sydney-based online broker International Capital Markets has been hit with a class action, and is facing the threat of another representative proceeding by investors who lost money trading risky contracts for difference.
A judge has signed off on a class action settlement under which the Commonwealth Bank of Australia will pay a sum towards the applicant's costs but group members will recover nothing.
The corporate regulator has brought proceedings against EverBlu Capital and Creso Pharma director Adam Blumenthal, alleging market rigging and breaches of duty, and has accepted an undertaking by the stockbroker that he will quit his involvement in financial services for the next five years.
ANZ will appeal a ruling that it breached its continuous disclosure obligations when it failed to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement.
Group members will walk away with nothing under a settlement in a seven-year old class action against the Commonwealth Bank of Australia on behalf of borrowers who claimed they were forced to default on their commercial loans.
The Australian Securities and Investments Commission has banned a former AMP authorised representative who is suing the wealth manager for allegedly terminating him without proper cause and forcing him to sell his business for $6.1 million under its buyer of last resort program.
A judge's decision to chop $810,000 from the funder's cut of a settled class action against Westpac sounds a warning to class action litigators that when it comes to determining the size of a commission, case budgets matter.
ANZ's failure to disclose a bailout by banks underwriting a $2.5 billion share placement has resulted in a penalty of less than $1 million, ending an eight-year saga that included an aborted criminal trial.
Mercer Superannuation has agreed to pay $11.3 million in a case the regulator said was “the first and we hope the last” greenwashing case of its kind.