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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.
The Australian Prudential Regulation Authority has raised Medibank's capital adequacy requirement by $250 million, following last year's cyber attack against the private health insurer, which exposed the personal details of 10 million customers.
Bank of Queensland has been called out by two regulators over its compliance with anti-money laundering and counter-terrorism financing laws and its risk management practices.
A judge has given the green light to expanded misconduct allegations in a shareholder class action against IOOF, including claims of insider trading and front-running.
A judge has scolded Slater & Gordon and two Westpac subsidiaries for a "disgraceful" privilege spat in a class action over allegedly excessive superannuation fees that he said had "gone badly off the rails".
Westpac has released further details of its fraud claim against Bill Papas, founder of the Forum Group of Companies, painting a picture of an elaborate scheme to misappropriate $254 million to buy real estate, jewellery, luxury cars, racehorses and European football teams.
Baker McKenzie has been accused of negligence in a cross claim by Chinese lender Aoyin, which faces a lawsuit by accounting giant PricewaterhouseCoopers for unpaid fees over advice related to a failed bid to launch a bank in Australia.