Westpac will pay $35 million to settle a case brought by ASIC alleging the bank breached responsible lending laws through its automated home loan system, the largest civil penalty ever awarded under the National Credit Act.
The judge overseeing lawsuits by the ACCC as well as multiple class actions against Volkswagen AG over the Dieselgate scandal has ordered the car maker to provide the names of executives who were responsible for the development of the emissions cheating software.
A trial set to begin Monday morning in ASIC’s landmark case against Westpac alleging the bank breached responsible lending laws was postponed amid settlement talks, which were expected to continue into the evening.
Macquarie Group has defended its remuneration package for financial advisers in its private wealth unit, denying claims it paid them entirely in commissions and unlawfully withheld regular wages.
A mortgage broker can eyeball an internal Westpac document as he considers a misleading and deceptive conduct case against the bank for stripping him of his accreditation without explanation.
Maurice Blackburn has filed its promised class action against BHP Billiton over the Brazilian dam collapse, and the case puts a twist on typical funding arrangements, with the law firm looking to earn what it dubs a “litigation services fee” for financing the case itself.
The law should be altered to make unfair contract terms illegal, ACCC Chair Rod Sims says, and the regulator plans to use its clout to push for the change.
Spanish construction company Técnicas Reunidas can’t block two Pinsent Masons solicitors, formerly with Norton Rose, from representing Downer EDI Engineering in an ICC arbitration between the two companies, with an appeals court saying unanswered emails provided sufficient proof a retainer had been terminated.
A judge has thrown out the truth defence claimed by the ABC and Fairfax Media in a case brought by Chinese billionaire and philanthropist Dr Chau Chak Wing.
Telecommunications giant Optus has won court approval to access employee documents in order to pinpoint the location of a suspected fraudster who obtained over 3,400 Optus mobile devices.