IG Markets has been hit with a second class action for offering “highly risky and unsuitable financial products” to retail investors, with a third competing proceeding in the works.
A Blue Sky director has pointed the finger at auditor Ernst & Young in a class action alleging the collapsed investment firm misled shareholders by misstating its assets under management.
A judge has refused a lead applicant’s novel bid for financial information to use at settlement discussions in a group proceeding against Dixon Advisory.
SkyCity has set aside $45 million for its legal costs and a possible penalty in AUSTRAC proceedings alleging it allowed $4 billion in suspicious transactions at its casino.
Active Super has become the latest target of greenwashing claims by ASIC, with the corporate regulator alleging it misled the market about its responsible investment credentials, including by investing in coal mining, gambling, tobacco and Russian companies.
AMP has set aside $50 million in its financial statement for the first half of 2023 to cover potential liability in a class action won last month by financial advisers over the wealth manager’s buyer of last resort policy.
The Australian Securities and Investments Commission has brought legal action against debt management business Solve My Debt Now and its director, alleging customers were usually left in greater debt after using its services.
A class action brought on behalf of sovereign bond investors over the disclosure of climate change risks has settled with the government on terms that don’t preclude further proceedings, a court has heard.
The ACCC has rejected ANZ’s $4.9 billion acquisition of Queensland-based Suncorp, setting up a likely challenge before the Australian Competition Tribunal.
A judge asked to approve a $50 million settlement in a consumer credit insurance class action against the Commonwealth Bank has questioned a $2.5 million deduction for professional services firm Deloitte.