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MLC admits to contraventions in $17.5M ASIC suit
Financial Services 2022-03-24 10:49 pm By Cindy Cameronne

Wealth manager MLC Limited has admitted to violating the Corporations Act by failing to send overdue notices to policyholders over a 15-year period, but will defend the bulk of ASIC’s claims in proceedings accusing it of causing $17.5 million in harm to over a quarter of a million consumers.

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‘Everybody is incredulous’: Silk tells court of surprise at Norman O’Bryan’s fall from grace
Legal Ethics 2022-03-23 10:18 pm By Christine Caulfield

Commenting on the unprecedented nature of the case against her client — the so-called postbox solicitor in the Banksia Securities class action — a senior barrister has told a court of her shock at the conduct of her former colleague at the bar, Norman O’Bryan, who acted as lead counsel in the scandal-ridden litigation.

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EX-ANZ money markets head says he was fired after complaining about sexual harassment, APRA reporting
Employment 2022-03-23 5:31 pm By Cindy Cameronne

The former head of money markets at the Australian and New Zealand Banking Group has sued his former employer claiming he was sacked for making complaints about sexual harassment by senior managers at the bank and false reporting to the prudential regulator.

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Judge clarifies rights of responsible entities to recoup MIS costs
Financial Services 2022-03-23 4:22 pm By Miklos Bolza

A Federal Court judgment has laid out when a responsible entity of a managed investment scheme will be indemnified for its operating costs and when it can recoup legal costs in defending lawsuits brought over trust property.

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Greensill says insurer BCC liable for misleading statements if IAG right
Insurance 2022-03-22 3:01 pm By Christine Caulfield

Insurance Australia Group agent Bond & Credit Company owes damages for misleading representations to Greensill Capital if the insurer was not authorised to enter into a trade credit policy at the centre of four lawsuits over the collapse of the financial services firm, a court has been told.

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Ashurst lures Thomson Geer partner to launch superannuation practice
Business of Law 2022-03-22 5:25 pm By Cindy Cameronne

Global law firm Ashurst has snagged a Thomson Geer partner to launch a superannuation practice offering end-to-end legal and consulting solutions for financial services clients in the $3.3 trillion sector.

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No more jail time for ex-Kleenmaid director labelled ‘a man of greed’ by judge
White Collar 2022-03-21 1:01 pm By Cat Fredenburgh

The founder of whitegoods distributor Kleenmaid, who won a retrial after being sentenced to nine years for fraud and insolvent trading, will not spend any more time in jail after being resentenced by a judge who called him “a man of greed”.

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ACCC takes Facebook owner to court over scam celebrity cryptocurrency ads
Competition & Consumer Protection 2022-03-18 11:45 am By Cat Fredenburgh

The consumer regulator has initiated court proceedings alleging Facebook technology allowed scam cryptocurrency ads featuring celebrities to target susceptible users and that the social media giant failed to take adequate steps to remove them. 

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‘This is nuts’: Judge torpedoes notice in Tyro class action while fight over group definition plays out
Class Actions 2022-03-17 3:32 pm By Sam Matthews

Calling it the “elephant in the room”, a judge overseeing a class action against Tyro over a major EFTPOS outage last year has said a dispute over who is eligible to join the case needs to be hashed out before retailers are notified of the proceedings.

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‘Dangerous nature of loan’ enough to find lenders acted unconscionably, High Court says
Financial Services 2022-03-17 10:01 pm By Miklos Bolza

The High Court has found that three asset-based lenders behaved unconscionably when they enforced thir rights under a $1.2 million loan made to a vulnerable consumer secured by a mortgage over his properties.

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