Insurer QBE has settled a class action over ANZ’s sale of allegedly worthless add-on insurance, and the applicants are “hopeful” that the bank and two other named insurers will soon reach a deal to resolve the claims against them.
A class action over AMP’s fees for no service practice wants communications with law firm Clayton Utz that led up to a report that allegedly went through 25 rounds of edits with the wealth manager’s inhouse lawyers before being presented to the corporate regulator as independent.
Investors in Mayfair Group’s collapsed IPO Wealth Fund have clawed back only a fraction of their alleged $67 million losses after a judge approved a settlement in a class action alleging the fund’s trustee misled unit holders.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has asked the High Court to overturn his own successful Full Court appeal of a decision that saw him banned from soliciting funds or promoting any financial product for 20 years.
IG Markets faces a potential class action on behalf of up to 20,000 everyday investors who have allegedly lost hundreds of millions of dollars trading in complex financial products known as contracts for difference, or CFDs.
In a win for the corporate regulator, an appeals court has rejected investment group Mayfair 101’s appeal of a $30M penalty following a judge’s finding that it misled investors about the level of risk of its financial products.
Rules governing telecommunications companies will be amended in the wake of the Optus data breach that exposed the personal information of nearly 10 million customers.
The Australian Securities and Investments Commission has brought action against Harvey Norman over allegedly misleading ads about its interest-free finance.
The self-declared “wolf trader” of the Gold Coast, Tyson Scholz, has won his bid to exclude ASIC’s evidence about the meaning of his tweets in its case accusing him of providing unlicensed financial services.
The Australian and New Zealand Banking Group has hit back at allegations by its former head of money markets that he was sacked for making complaints about sexual harassment by senior managers at the bank and false reporting to the prudential regulator.