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Volt Bank faces class action investigation into fund raising
Class Actions 2022-07-04 10:34 pm By Cat Fredenburgh

Failed neobank Volt is facing an investor class action investigation over representations made in a series of funding rounds that raised $219 million before announcing last week that it would shut its doors.

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‘I want complete transparency’: Forum Finance director faces grilling for legal funds
Restructuring & Insolvency 2022-07-01 1:28 pm By Sam Matthews

A judge has told Forum Finance director Vince Tesoriero to “revisit” evidence about his true financial position if he wants to win the release of $1.25 million to pay for his defence in Westpac’s fraud case against him, amid concerns about whether he has made full disclosure to the court.

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ASIC sues Mercer Financial over fees for no service conduct
Financial Services 2022-06-30 12:10 pm By Sam Matthews

ASIC has brought court proceedings against wealth manager Mercer Financial Advice, alleging the company charged fees for services it did not provide and made false and misleading representations to thousands of customers.

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ASIC triumphs in appeal against payday lenders Cigno, BHF
Appeals 2022-06-28 11:36 am By Sam Matthews

ASIC has won an appeal of a judge’s decision that found Gold Coast-based payday lenders Cigno and BHF did not need a licence to issue loans to hundreds of thousands of consumers.

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Merricks Capital secures undertakings from defecting employees
Employment 2022-06-24 6:30 pm By Christine Caulfield

Melbourne-based hard assets investment manager Merricks Capital has won undertakings from its ex-managing director and two former employees who defected to an investment boutique run by financial commentator Peter Switzer and his son Marty. 

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Law firm behind ANZ, Westpac flex commission cases to try again for contingency fees
Class Actions 2022-06-23 9:18 pm By Sam Matthews

The law firm that lost the first ever application for a group costs order in class actions against ANZ and Westpac has indicated it will revive its bid, tweaking a retainer agreement with group members in hopes of winning the court’s approval this time.

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Macquarie not to blame for $2.9M theft by adviser, court told
Financial Services 2022-06-23 9:02 pm By Sam Matthews

Macquarie Bank has denied liability for a financial adviser’s theft of $2.9 million in customer funds, which the Australian Securities and Investments Commission alleged was caused by the bank’s failure to monitor third-party withdrawals.

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Fintech denies discriminating against ex-GC, says redundancy was genuine
Employment 2022-06-22 3:01 pm By Cindy Cameronne

The former general counsel of UK-based transit payment provider Littlepay was dismissed because her legal support was “problematic”, the fintech claims in response to allegations she faced bullying and discrimination upon returning to work after giving birth.

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Legal services board suspends law licence of wealth guru Grubisa
Legal Ethics 2022-06-22 3:54 pm By Sam Matthews

The Victorian Legal Services Board and Commissioner has suspended wealth guru Dominique Grubisa’s law licence, saying she is “not entitled to engage in legal practice anywhere in Australia” and could face further regulatory action.

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Investment firm WAM Active sued by largest shareholder Keybridge
Corporate 2022-06-21 4:17 pm By Christine Caulfield

Keybridge Capital has sued WAM Active seeking declarations that a meeting of shareholders in the Wilson Asset Management subsidiary was validly held and a resolution appointing Keybridge’s Nicholas Bolton to its board was passed and effective.

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