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Test case launched against NAB over ‘excessive’ work hours
Employment 2023-03-08 2:17 pm By Cat Fredenburgh

The Finance Sector Union has launched a test case against National Australia Bank on behalf of four managers who were allegedly required to work “unreasonable” unpaid hours for years and has warned it will go after the other big banks next.

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Firm’s contingency fee re-do wins over judge in class actions against banks
Class Actions 2023-03-03 5:50 pm By Cindy Cameronne

A law firm has won its second bid for a group costs order in three class actions against banks over flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.

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Former Benjamin Hornigold execs face charges over $3.8M in payments
ASIC 2023-03-03 11:10 pm By Cat Fredenburgh

Two former executives of investment fund Benjamin Hornigold Limited have been charged with offences related to $3.8 million in payments.

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Gunns class action settles with KPMG, former directors
Class Actions 2023-03-02 10:57 pm By Cindy Cameronne

A class action against KPMG and nine former Gunns Plantations directors over the failure of six managed investment schemes for eucalyptus wood in Tasmania has settled for a confidential amount, with a judge poised to approve the deal.

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First-ever greenwashing case by ASIC targets Mercer Super
Financial Services 2023-02-28 10:28 am By Cindy Cameronne

The Australian Securities and Investments Commission has launched the first-ever civil penalty case for greenwashing, alleging Mercer Superannuation misled investors about the sustainability of its investment options.

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K&L Gates lures real estate partner from Arnold Bloch Leibler
Business of Law 2023-02-28 10:38 pm By Cat Fredenburgh

K&L Gates has snagged a partner from Arnold Bloch Leibler to bolster the real estate practice in its fast-growing Sydney office.

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King & Wood Mallesons points finger at rival law firm in Halifax negligence case
Professional Negligence 2023-02-24 11:21 pm By Cindy Cameronne

King & Wood Mallesons has denied the claims in a lawsuit by defunct stockbroker Halifax Investment Services alleging it failed to advise it of an obligation to hold client funds on trust, and has said another law firm should also take the blame if it is found negligent.

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Law firm shaves 0.5% off payout in second go at class action contingency fee
Class Actions 2023-02-23 5:11 pm By Cindy Cameronne

Maurice Blackburn has had a second crack at a group costs order in three class actions against banks over alleged flexible commission schemes after a judge in 2021 rejected what was then the first-ever application for a contingency fee.

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ClearLoans hit with $6M penalty in ASIC’s first COVID-19 case
COVID-19 2023-02-23 4:05 pm By Cat Fredenburgh

Personal lender ClearLoans and its parent company have been hit with $6 million in penalties for violating consumer credit protections laws, including by failing to respond to financial hardship notices from debtors during the height of the COVID-19 pandemic.

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Full Court urged to toss ASIC’s ‘fatal’ appeal in CBA conflicted remuneration case
Financial Services 2023-02-22 5:46 pm By Cindy Cameronne

The Commonwealth Bank of Australia has urged the Full Court to toss ASIC’s challenge to a decision dismissing its conflicted remuneration case over the bank’s sale of its Essential Super product, saying the appeal suffered from “fatal” flaws.

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