A judge has criticised the Australian Securities and Investments Commission for treating timetabling orders in its insider trading case against Westpac over a $16 billion interest rate swap as though they were “traffic lights in Naples”.
Forum Group’s liquidators are seeking to wind up an entity owned by founder Bill Papas that received over $2.6 in “loans” from the alleged fraudster, as they work to recoup almost $400 million allegedly defrauded from three banks.
Payments processing company EML has been hit with a class action over its alleged failure to notify shareholders of concerns by Ireland’s central bank relating to compliance with anti-money laundering regulations.
National Australia Bank and HSBC should be “jointly and severally liable” to pay a portion of the costs of a failed case brought by Dick Smith’s receivers against the company’s former directors because the banks stood to gain financially if the lawsuit was successful, the NSW Supreme Court has heard.
Former ANZ super fund subsidiary OnePath overcharged more than $4 million in superannuation fees, according to regulatory action launched by the Australian Securities and Investments Commission on Tuesday.
Two major Zip Co investors have sued Merrill Lynch for allegedly breaching its duties as financial advisor by recommending they sell their shares in the Aussie fintech after September 1 last year, at which point Paypal’s announcement that it would enter the buy now, pay later market had sent Zip’s share price plummeting.
The liquidators of Mayfair’s failed IPO Wealth Holdings have won their bid to question the fund’s former director, James Mawhinney, for the eighth time over assets that could provide “significant potential recoveries” for shareholders.
The Australian Securities and Investments Commission has launched court proceedings against the self-proclaimed ‘wolf’ of the ASX, social media celebrity Tyson Scholz for allegedly providing financial services without a licence.
A senior ACCC officer has been grilled on whether staff training on criminal cartel investigations was “inadequate” while the competition regulator ran a cartel probe into ANZ’s $2.5 billion share placement in 2016.
The Australia and New Zealand Banking Group has agreed to pay a $25 million penalty to resolve proceedings by the Australian Securities and Investments Commission alleging the bank short-changed hundreds of thousands of customers to the tune of $200 million.