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ASIC’s proposed $5M penalty against CBA ‘on the light side’, judge says
Financial Services June 4, 2020 12:33 pm By Miklos Bolza

A judge has questioned ASIC’s proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was “on the light side” for the bank’s […]

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Dover ignored lawyers’ warnings about ‘misleading’ client policy, court hears
Financial Services June 1, 2020 5:12 pm By Miklos Bolza

Former Dover Financial director Terry McMaster on Monday admitted to personally drafting a so-called client protection policy described by a judge as an “exercise in […]

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‘A significant imbalance’: Bendigo and Adelaide Bank loan contracts unfair, court finds
Financial Services May 29, 2020 6:01 pm By Miklos Bolza

The Federal Court has granted ASIC a legal win against Bendigo and Adelaide Bank, finding that its small business loan contracts were unfair and created […]

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Criminal charges ‘on the cards’ for WA businessman Chris Marco, court told
White Collar May 27, 2020 9:52 pm By Christine Caulfield

Accepting that criminal proceedings were “on the cards” for accused Ponzi schemer Chris Marco, a judge has ordered the appointment of receivers to his assets […]

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Judge rejects GetSwift’s latest push to delay ASIC trial for a year
Securities May 21, 2020 9:43 pm By Christine Caulfield

Logistics company GetSwift and its directors have failed in a bid for a year-long delay of a trial scheduled to start next month in ASIC’s […]

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Full Court to hear Cigno challenge to ASIC ban on short-term credit lending
Appeals May 20, 2020 12:07 pm By Cat Fredenburgh

Cigno has appealed a ruling shooting down its challenge to the first action brought by ASIC under its powers to prohibit ‘predatory’ financial products, which […]

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Murray Goulburn sues insurer for $8.85M to recover class action costs
Insurance May 7, 2020 2:29 pm By Christine Caulfield

Dairy cooperative Murray Goulburn has launched proceedings against AIG Australia seeking to recover 20 per cent of a $42 million class action settlement it paid, […]

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Pershing pleads guilty to mishandling client funds in first criminal case of its kind
White Collar May 7, 2020 12:05 pm By Christine Caulfield

The Australian arm of global financial solutions provider Pershing faces sentencing after pleading guilty to criminal offences of mishandling client funds. Pershing Securities Australia, which […]

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ASIC actions lead to jump in criminal charges, millions in fines
ASIC April 29, 2020 9:27 pm By Christine Caulfield

Investigations by ASIC led to prosecutors laying 279 criminal charges in the last six months of 2019, an increase of 300 percent on the previous […]

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High Court takes up Westpac fight against ASIC personal advice case
Appeals April 27, 2020 4:54 pm By Miklos Bolza

The High Court has agreed to hear a challenge by Westpac to a ruling in favour of ASIC that found the bank violated its duty […]

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