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A judge has ordered National Australia Bank to pay just one-fifth the $10 million penalty proposed by ASIC for overcharging customer fees, taking aim at the regulator's concise pleading and saying the maximum penalty he could order was “woefully inadequate”.
The corporate regulator has brought proceedings against the Australian arm of Kraken Crypto Exchange, alleging it breached design and distribution obligations for a margin trading product that has lost customers almost $13 million.
Another online trader has been hit with a class action by inexperienced investors who lost money while trading in risky derivatives slammed as little more than gambling products.
The National Australia Bank has been hit with a lawsuit by a former general manager, who alleges the bank forced him to work unreasonable additional hours and told him to ‘flush’ loan applications.
A judge has approved a $50 million settlement in a class action against the Commonwealth Bank over allegedly worthless consumer credit insurance after his concerns about a $2.5 million deduction for Deloitte were allayed.
Buy now, pay later company Zip Co offered $4 million to settle a lawsuit by mortgage provider Firstmac alleging infringement of its 'Zip' trade mark which it ultimately defeated.
CBA should pay a penalty of $12.8 million -- close to the maximum penalty the court can impose on the bank -- for underpaying its staff to the tune of $16.4 million, a judge has heard.
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.
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.