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Funder’s ‘very large’ cut from $100M AMP class action settlement warrants contradictor: court
Class Actions 2024-04-24 2:44 pm By Cindy Cameronne

A judge has appointed a contradictor for an upcoming settlement approval hearing in a class action by financial advisers against AMP over its buyer of last resort policy, saying the funder was taking a “very large” cut of the $100 million settlement. 

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Judge warns wealth guru Dominique Grubisa to look ‘elsewhere’ in bid to stay ACCC case
Competition & Consumer Protection 2024-04-23 12:51 pm By Cindy Cameronne

Sydney lawyer and wealth guru Dominique Grubisa is challenging a finding in an ACCC case that her seminars made misleading statements and has sought to pause the court action until her appeal is heard, a bid a judge has warned won’t be “favourably received” by him.

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UniSuper accused of greenwashing over Transurban investment
Greenwashing 2024-04-23 10:37 pm By Cindy Cameronne

The Environmental Defenders Office has lodged a complaint with ASIC on behalf of a member of UniSuper, accusing the Australian superannuation fund of greenwashing its products by mislabelling them as ‘sustainable’. 

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Macquarie Bank hit with $10M penalty over financial adviser’s theft
Financial Services 2024-04-19 3:10 pm By Cindy Cameronne

 Macquarie Bank has agreed to pay a $10 million fine in proceedings brought ASIC after the bank admitted that it failed to monitor third-party withdrawals, resulting in a financial adviser’s theft of $2.9 million.

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Judge OKs $16M Dixon Advisory class action settlement, awards competing funder a sliver
Class Actions 2024-04-18 3:14 pm By Cindy Cameronne

A judge has signed off on a $16 million settlement in a class action against Dixon Advisory, but the funder of a competing case that was stayed after losing a beauty parade has earned a fragment of the $1 million it sought from the resolution sum.

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FWC rejects WFH request, says Bendigo Bank worker ‘only concerned about himself’
Employment 2024-04-17 11:00 pm By Andy Sidler

The Fair Work Commission has ordered a Bendigo Bank worker to come into the office two days a week, saying he was “only concerned about himself” in seeking to work from home full time.

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Stockbroker ordered to pay $1M in ASIC market-rigging case
Securities 2024-04-17 11:24 pm By Christine Caulfield

Sydney stockbroker Adam Blumenthal has been ordered to pay close to $1 million after admitting to market rigging and breaching his duties as director of two companies — including by arranging a $7 million loan to ‘ASX Wolf’ Tyson Scholz.

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Court blesses Halifax liquidators’ settlement with King & Wood Mallesons
Restructuring & Insolvency 2024-04-15 11:10 pm By Cat Fredenburgh

The liquidators for Halifax Investment Services were justified in reaching a compromise settlement in proceedings against King & Wood Mallesons alleging the firm and former auditor Bentleys failed to advise the defunct stockbroker that it had to hold client funds used to trade on its online platform on trust, a judge has found.

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GEMI Capital may face class action by wealthy Sydney investors
Class Actions 2024-04-12 11:00 pm By Andy Sidler

Sydney lender GEMI may face a class action for allegedly enticing wealthy individuals to make investments in products they were misled into believing were low risk.

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ASIC wins case against payday lender Sunshine Loans over ‘wrongheaded’ fees
Financial Services 2024-04-12 11:08 pm By Sam Matthews

In a win for the Australian Securities and Investments Commission, a judge has found that payday lender Sunshine Loans charged thousands of customers prohibited fees, issuing a scathing judgment condemning the company’s “wrongheaded” conduct.

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