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Twigg family sues Pitcher Partners for $127M
Financial Services 2022-05-25 6:54 pm By Cindy Cameronne

The Twigg family has hit accounting firm Pitcher Partners with a lawsuit claiming it helped Max Twigg, race car driver and former owner of the Byron Bay Hotel, misappropriate $127.8 million in family trust money for himself.

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Insurer Bond & Credit Company points finger at Greensill Group
Insurance 2022-05-24 3:01 pm By Christine Caulfield

Insurer Bond & Credit Company has denied it owes damages over the collapse of the Greensill group, saying it issued a trade credit policy at the centre of four lawsuits because the supply chain financing firm concealed its risks and made fraudulent misrepresentations.

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Forex Capital liquidators win ‘urgent’ order for $69.5M distribution to customers
Restructuring & Insolvency 2022-05-24 5:42 pm By Cindy Cameronne

Forex Capital Trading liquidators have won an “urgent” bid for orders allowing them to distribute $69.5 million to 8,600 former customers of the derivatives trader which allegedly gave misleading advice on products described as “little more than gambling”.

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Suncorp Group settles class action ahead of 25-day trial
Class Actions 2022-05-23 1:07 pm By Sam Matthews

A unit of Suncorp Group has reached an in-principle settlement in a class action over alleged conflicted remuneration on the first day of an expected 25-day trial.

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AUSTRAC refuses exemption for CBA in ‘cuckoo-smurfing’ case
Financial Services 2022-05-23 12:51 pm By Cindy Cameronne

The Commonwealth Bank of Australia will bring its second bid to dismiss a case brought by customers who claim they were the victims of “cuckoo-smurfing” and had funds seized as proceeds of crime because the bank breached its anti-money laundering obligations.

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Shine Lawyers wins battle to run $463M Dixon Advisory class action
Class Actions 2022-05-19 4:24 pm By Sam Matthews

Shine Lawyers has beaten out class action rival Piper Alderman in a battle to lead a class action worth up to $463 million against collapsed wealth managers Dixon Advisory, with a judge finding the firm’s no win, no fee model was likely to result in a greater return to group members.

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No hard time limit on criminal charges against ME Bank, prosecutors say
Financial Services 2022-05-18 1:09 pm By Christine Caulfield

Challenging a ruling that tossed half the charges brought against direct bank Members Equity, prosecutors have told an appeals court the ASIC Act does not impose a strict deadline for bringing a criminal case of misleading or deceptive conduct.

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CBA says it wasn’t obligated to roster breaks enshrined in enterprise agreements
Employment 2022-05-17 4:07 pm By Sam Matthews

The Commonwealth Bank of Australia has hit back at a $45 million lawsuit alleging it failed to provide thousands of employees with paid rest breaks for at least six years, saying it had no responsibility to schedule or roster the breaks.

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ASIC wins admissions from debt collector that threatened imprisonment
Financial Services 2022-05-16 5:37 pm By Cindy Cameronne

Debt collection agency A&M Group, trading as Debt Negotiators, has admitted it unduly harassed and coerced debtors by repeatedly contacting family, friends and employers and claiming they could face imprisonment.

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Consolidation of Dixon Advisory class actions hits snag over funding
Class Actions 2022-05-13 10:20 pm By Sam Matthews

A proposed consolidation of two class actions against collapsed wealth manager Dixon Advisory has hit a snag, with Shine Lawyers wanting to ensure group members who have signed up for its no win, no fee proceeding don’t get stuck paying the commission of the funder backing its rival’s case.

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