The Australian Securities and Investments Commission is challenging a ruling that threw out half the criminal charges against direct bank Members Equity, arguing the statute of limitations doesn’t apply to serious corporate misconduct.
Ashurst has bolstered the ranks of its financial regulation team with the appointment of long-serving Clayton Utz partner Narelle Smythe, who joins the firm’s team in Sydney.
The Federal Court has issued a worldwide freezing order over the assets of Bill Papas’ partner, which includes the proceeds of the $1.13 million sale of her home in Sydney’s inner west.
Embattled investment group Mayfair 101 is challenging a judge’s decision last month to slug it with a $30 million penalty for engaging in misleading and deceptive advertising.
The Commonwealth Bank of Australia has been hit with a $45 million lawsuit by the Finance Sector Union for allegedly failing to provide thousands of employees with paid rest breaks for at least six years.
National Australia Bank has been served with a $78 million class action over the collapse of Walton Construction, three months after the case was stalled for funding complications.
Embattled wealth advisor Dixon Advisory has filed for administration, saying its potential liability in two class actions and a $7.2 million penalty it agreed to pay in ASIC proceedings mean it is likely to become insolvent in the future.
Insurers have triumphed in a lawsuit over coverage for the $3.2 million cancellation of the Big Red Bash outback music festival during the first wave of the coronavirus pandemic, with a judge finding a communicable disease exclusion in the organiser’s event cancellation policy was engaged.
Switzer Financial Group has sued a former senior adviser, claiming he sent a defamatory email to a client accusing the firm — run by financial commentator Peter Switzer — of lacking concern about a conflict of interest.
Compliance and legal specialist Sophie Grace has rejected allegations it was responsible for defunct forex trader Gallop International Group’s collapse after it allegedly loaned $15.4 million in investor funds to the company’s director in Hong Kong.