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The Australian Securities and Investments Commission is targeting predatory lending, greenwashing and crypto-assets as rising interest rates cause consumers to turn to fringe sources of credit.
The former manager of over-the-counter derivatives provider Trade360 has been slapped with an eight-year ban by the corporate regulator and has lost a bid to stay the decision pending an appeal.
A judge has criticised the applicant in a class action against failed asset manager Blue Sky Alternative Investments for filing court documents late, as he prepares to grapple with an imminent competing class action.
Digital giant Meta can access information on crypto tokens issued to fund a class action over Facebook's ban on cryptocurrency ads, but the identities of those who have bought the tokens can be kept under wraps.
A class action on behalf of Dixon Advisory clients with claims allegedly worth $463 million has won orders that the collapsed wealth manager disclose its insurance for liability in the proceedings. Its bid for orders that two insurers produce any relevant policies was unsuccessful.
A judge overseeing a class action against a unit of Suncorp Group has given his blessing to a settlement that will see only $14 million of its headline $33 million figure go to super members, despite finding the modest return was “far short of the maximum potential recovery” in the case.
The Australian Securities and Investments Commission has filed an appeal after a judge dismissed its case alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, finding it was “misconceived”.
A judge has hit ANZ with a $25 million penalty in a case by the corporate regulator that alleged the bank short-changed hundreds of thousands of customers to the tune of $200 million.
Commonwealth Bank units CommSec and Australian Investments Exchange have been ordered to pay more than $27 million for “serious and unacceptable” system failures that led to excessive fee charges for customers.
Facebook owner Meta wants to uncover the basis on which crypto tokens have been issued to bankroll a class action over its 2018 ban on cryptocurrency ads, citing the potentially conflicted interests of the self-represented lead applicant.