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The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.
Fonterra could bring counter-claims against dairy farmers that brought a class action alleging they were unpaid when the company slashed milk prices in 2016, a court has heard, after debt recovery proceedings by Fonterra against the lead applicants were joined with the class action.
The Australian Securities and Investments Commission spent over $1.8 million in taxpayer funds investigating and prosecuting its now failed responsible lending case against Westpac.
Bank of New York Mellon unit Pershing has become the first company in Australia to be convicted of criminal charges for breaching regulations requiring AFSL licensees to keep client money in separate bank accounts.
The Australian Securities and Investments Commission has told a parliamentary committee that it plans to bring more than five court proceedings against AMP before the end of the year and has referred a number of investigations into the financial services giant for possible criminal prosecution.
Former financial adviser Graeme Miller has been jailed for six years after pleading guilty to misappropriating $1.865 million in client funds in what a judge described as a "cruel and deceitful betrayal".
A judge has handed ASIC a "narrow" win in its action against former Tennis Australia director Harold Mitchell, tossing most of the regulator's case and accusing it of "confirmatory bias".
The Australian Securities and Investments Commission told the government's class action inquiry that it was committed to making the existing class action regime work with upcoming regulations that will spell the end of its "light touch" approach to litigation funders.
A court has granted ASIC's bid to wind up an illegal managed investment scheme whose operators fled to India following the "systematic misappropriation" of almost $7 million in investor funds.
Former Bellamy's Australia director Jan Cameron has pleaded not gulty to two charges stemming from an alleged failure to disclose her stake in the organic baby food company.