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Judge shoots down ex-ANZ trader’s ’emaciated’ bid to view lawyer meeting notes
Financial Services 2021-12-09 1:57 pm By Miklos Bolza

A former ANZ trader who alleges he was sacked for complaining about the bank’s manipulation of the bank bill swap rate has lost his bid to view lawyers’ notes taken during meetings over ASIC’s investigation into the bank’s conduct.

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Avanteos faces multi-million dollar penalty in landmark criminal case over dead members
Financial Services 2021-12-08 3:09 pm By Bianca Hrovat

Former Commonwealth Bank subsidiary Avanteos Investments Limited pleaded guilty on Wednesday to charging up to $700,000 in fees to hundreds of deceased superannuation fund members.

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‘Managers were bullies’: NAB to face court action for allegedly overworking staff
Employment 2021-12-07 3:00 pm By Cindy Cameronne

The Finance Sector Union is preparing a lawsuit against the National Australia Bank, claiming the bank has pressured its employees to work “unreasonable” hours and underpaid its staff.

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Linchpin director loses second shot at staying appeal of 5-year ban
Financial Services 2021-12-07 5:47 pm By Bianca Hrovat

Former Linchpin Capital director Peter Eugene Daly has come up short in his second bid to stay his appeal of a ruling that banned him from providing financial services for five years in light of separate proceedings brought by ASIC.

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Banksia class action funder enters administration with no assets
Restructuring & Insolvency 2021-12-07 12:24 pm By Christine Caulfield

The litigation funder behind a fraudulent scheme in a class action over Banksia Securities has entered administration with negligible assets to its name.

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Former CFO dragged into Westpac’s $294M fraud case against Forum Group
Financial Services 2021-12-07 11:45 am By Miklos Bolza

The former chief financial officer of beleaguered Forum Group has been dragged into a lawsuit by Westpac seeking to recoup $294 million in funds paid into an alleged fraudulent scheme.

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‘Whole world of pain’ for solicitors if ex-ANZ trader won privilege spat, judge says
Employment 2021-12-06 3:52 pm By Miklos Bolza

A judge has said if he sides with a former ANZ trader in a privilege dispute with the bank over file notes from 2014 meetings over ASIC’s bank bill swap rate investigations it would create a “whole world of pain” for solicitors claiming privilege over their notes in other cases.

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ACCC trying to ‘fit a square peg into a round hole’ with bank cartel case, court hears
Competition & Consumer Protection 2021-12-03 4:59 pm By Cindy Cameronne

The ACCC has been accused of running a “experimental test case” that tries to fit the shares market within the scope of the Competition and Consumer Act with its criminal cartel case against Citigroup, Deutsche Bank and several prominent banking executives over a $2.5 billion ANZ share placement.

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NAB super class action won’t get decision on damages at initial trial
Financial Services 2021-12-03 9:43 pm By Cindy Cameronne

The applicant in a class action against NAB superannuation trustee NULIS has lost his bid to have a judge determine aggregate damages at an initial trial.

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Court tosses appeal of $1.96M judgment awarded to cryptocurrency trader
Appeals 2021-12-03 2:12 pm By Cindy Cameronne

An appeals court has thrown out a challenge to a judgment awarding a cryptocurrency trader $1.96 million in cash and a property purchased for $1.5 million over a deal with a convicted fraudster involving “millions of dollars of cash in bags and suitcases”.

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