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One of the country's leading class action lawyers has left Jones Day for Thomson Geer, the third litigation partner to depart the US-based firm in recent months.
Fresh off being sued by ASIC for investing $300 million into Falcon Capital’s failed First Guardian Master Fund, super trustee Diversa has been hit with additional licence conditions by the prudential regulator.
AUSTRAC has launched an investigation into Bendigo and Adelaide Bank's compliance with anti-money laundering laws, as APRA directs the bank to hold a capital add-on of $50 million.
APRA has increased ANZ's capital add-on requirement by $250 million to account for operational risks, after a report highlighted “persistent and prevalent” problems at the bank.
The trustees of super fund HESTA have agreed to make payments to two groups of members impacted by valuation decisions made at the start of the COVID-19 pandemic.
The prudential regulator has filed court action against First Super co-chair and CFMEU manufacturing division boss Michael O'Connor, alleging he breached his director's duties under superannuation laws when he hired a union official to work for the fund.
Experts say the chaos of last month’s CrowdStrike outage is likely to spark a flurry of litigation both overseas and at home, including class actions, but lawyers bringing the claims will face significant hurdles.
A unit of Insignia Financial, formerly IOOF, has paid $10.7 million in infringement notices for allegedly failing to put members’ default superannuation contributions into MySuper products.
Pointing to Westpac's progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.
The Australian Prudential Regulation Authority has slapped additional licence conditions on Mercer Superannuation after the prudential regulator identified deficiencies in risk and compliance management by the trustee, which oversees a super fund holding $70 billion of members' money.