The directors of payday lenders Cigno and BSF have filed for special leave to appeal a decision that found them liable for unlicensed credit activity, saying the case raises fundamental questions about the scope of accessorial liability.
Former director of fintech iSignthis, John Karantzis, plans to appeal a ruling that slapped him with a $1 million penalty and disqualification orders for allegedly providing misleading information to shareholders.
The High Court will hear an appeal by Sunshine Loans, which centres on a judge’s recusal in the corporate regulator’s case over unauthorised fees.
Private equity firm Goldstone has lost its bid to lodge an appeal before damages are determined, after a judge found it invalidly terminated its managing director’s employment for standing in the way of a deal with her business partner’s son.
Banks have agreed to refund low income customers a total of $93 million in excessive fees following an investigation by ASIC, but the Commonwealth Bank has refused to make $270 million in further repayments.
A law firm is looking into a potential class action on behalf of investors who pumped $1 billion of their superannuation into two failed funds, amid fears by ASIC of “catastrophic” losses.
The Full Court has rejected ASIC’s appeal of a ruling that fintech Finder did not need a financial services licence to sell its defunct cryptocurrency product, saying the product did not involve a debt for money.
Westpac can shield reports prepared by Allens from a class action over money laundering compliance, with a judge finding they were produced predominantly in defence of AUSTRAC action that preceded the case.
A judge has slammed a Herbert Smith Freehills Kramer partner’s submission that it is not good practice to subpoena witnesses in complex litigation — saying this was “news to [her]” — and rejected client AMP’s bid to have a key witness testify from an Airbnb.
The Australian Securities and Investments Commission is taking a third swing at cyber enforcement proceedings, suing financial planner Fortnum Private Wealth after a breach saw the data of 9,000 clients published to the dark web.