A judge overseeing a superannuation class action against two Westpac units that settled for $30 million has expressed concerns about the ATO’s potential involvement in distributing settlement funds, saying the department was unlikely to efficiently reunite group members with their money.
The Australian Securities and Investments Commission has won its case against four Linchpin Capital directors after a judge found they duped their clients into lining the directors’ pockets and benefitting the parent company.
Dominique Grubisa has denied the Australian Competition and Consumer Commission’s allegation that she misled consumers about her wealth management courses, arguing the claims that owners could sell their homes but retain equity were “substantially true”.
The competition regulator has cast doubt on the public interest argument for the proposed $4.9 billion ANZ, Suncorp tie-up, saying Tuesday the nature, likelihood and extent of the touted benefits had not been substantiated.
Companies linked to the wife of the disgraced Banksia Securities class action silk Norman O’Bryan have offered $1.25 million to settle proceedings seeking to recover a $21.5 million judgment for defrauded investors.
Prosecutors have dropped its fraud case against the former chief financial officer of a unit of collapsed Gold Coast finance company Octaviar Investments, citing his poor health.
Westpac has hit back at a bid by ASIC to add an allegation to the regulator’s insider trading case that hinges on the bank providing financial services when it traded on the morning of a $16 billion deal to privatise electricity provider Ausgrid.
Two class action law firms have teamed up to investigate possible legal action against Latitude Financial over a cyberattack that resulted in the theft of 14 million customer records.
The drivers licence numbers of close to 8 million people and more than 6 million other records were stolen in a cyberattack on Latitude Financial, which the non-bank lender originally estimated had affected around 325,000 customer records.
An investor class action has reached a settlement with four former directors of defunct Linchpin Capital, leaving only allegations against AIG Insurance, which is allegedly seeking to withdraw an admission that directors were insured under a D&O policy.