Two receivers for unlicensed investment scheme A One Multi Services have lost their bid to have 85 per cent of their future remuneration paid out immediately, with a judge agreeing with the corporate regulator that the receivers should not have “what are in effect trust funds”.
A judge has signed off on a $7.2 million penalty against Dixon Advisory after the company admitted to ASIC allegations that its advisors failed to act in its clients’ best interests by recommending they invest in a risky US-based real estate investment fund.
Westpac has criticized the lead applicant in a class action filed in the wake of AUSTRAC proceedings for the “disorderly” conduct of the lagging proceedings, with discovery yet to be finalized as the case nears its third anniversary.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has won an appeal against a decision that saw him banned from soliciting funds or promoting any financial product for 20 years.
Despite scoring a win Thursday in his appeals court battle with ASIC, Mayfair 101’s James Mawhinney was criticized for his “spurious” claims against solicitors and counsel acting for him.
Aussie Home Loans is facing a class action investigation for allegedly selling “essentially worthless” policies to homeowners.
Companies associated with the wife of disgraced senior barrister Norman O’Bryan are stuck with the findings of last year’s excoriating judgment against the Banksia class action legal team despite their status as third parties, a court has heard.
The director of a money transfer business accused of fixing foreign exchange rates has been let off the hook after four other people associated with the business entered guilty pleas to six charges of criminal cartel conduct.
A judge has ordered Australian telecommunications companies Jabiru Satellite and NewSat to pay $1 million in security for costs in a lawsuit against eight major banks alleging they wrongfully withdrew financial support for Australia’s first independently owned satellite.
Two insurers for Dixon Advisory have argued they should not have to disclose policies that could respond to mammoth claims in a class action against the collapsed financial services firm estimated to be worth $278 million and $463 million.