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Bell Potter targeted in AUSTRAC probe over anti-money laundering compliance
Financial Services 2022-02-17 11:09 pm By Christine Caulfield

Financial crimes watchdog AUSTRAC is investigating whether three companies in the Bell Financial Group have contravened anti-money laundering and counter-terrorism financing rules.

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CBA class action preps for class closure nod from Full Court
Class Actions 2022-02-16 12:52 pm By Cat Fredenburgh

Lawyers leading a class action against the Commonwealth Bank over its alleged money laundering compliance failures are getting their ducks in a row in the event the Full Court rules the court has the power to shut out unregistered group members from a class action.

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MinterEllison lures infrastructure partner from Reed Smith
Transportation & Infrastructure 2022-02-14 2:11 pm By Christine Caulfield

MinterEllison has appointed former Reed Smith partner Simon Harvey to join its infrastructure, construction and property practice.

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Ill-fated cartel case shows ACCC should stay out of financial markets, ex-Deutsche Bank CEO says
Competition & Consumer Protection 2022-02-11 7:23 pm By Cat Fredenburgh

The CDPP’s decision to drop all criminal cartel charges against two banks and four individuals in a “test case” over a $2.5 billion ANZ share placement shows the ACCC “lacks expertise and objectivity” on the financial markets and should leave them to ASIC to regulate, according to one of the former accused.

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Charges dropped in landmark criminal cartel case over $2.5B ANZ share placement
Competition & Consumer Protection 2022-02-11 11:03 am By Cat Fredenburgh

In a stunning reversal, the Commonwealth Director of Public Prosecution has dropped all criminal cartel charges against two investment banks and four individuals in relation to a $2.5 billion ANZ share placement, four years after the charges were brought following an allegedly questionable investigation by the ACCC.

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AMP hopeful of settlement in $35.5M poaching dispute
Employment 2022-02-10 9:25 pm By Sam Matthews

AMP has expressed optimism that it will be able to reach a settlement with DST Bluedoor in a $35.5 million lawsuit accusing it of poaching 11 DST employees after licensing the software company’s online platform.

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PE Capital ordered into liquidation after running unregistered investment schemes
Financial Services 2022-02-10 11:21 pm By Christine Caulfield

A court has ordered the winding up of investment manager PE Capital Funds Management, whose responsible entity Endeavour Securities has connections to collapsed financial services company Linchpin Capital.

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Forum Finance director can’t block receivers from selling waterfront homes
Restructuring & Insolvency 2022-02-09 5:43 pm By Christine Caulfield

Forum Finance director Vince Tesoriero has lost a battle to stop receivers from selling luxury properties in which he and Bill Papas hold a stake pending the outcome of Westpac’s fraud case against him.

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Citing ‘leisure wear effect’, MySuper class action seeks in-person hearing
Class Actions 2022-02-08 3:03 pm By Cat Fredenburgh

The parties in a class action accusing a Commonwealth Bank of Australia unit of breaching its superannuation trustee duties want the matter to be heard in person and are willing to foot the bill for the judge to travel to Sydney to make it happen.

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‘The bar has been raised’: Westpac sacking over work drinks touching upheld
Employment 2022-02-08 11:28 pm By Sam Matthews

The Fair Work Commission has upheld the dismissal of a long-serving Westpac manager who touched a colleague “in an intimate manner” at an after-work drinks, warning that such behaviour will be judged against higher standards than in the past.

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