McMillan Shakespeare has settled a class action alleging one of its units engaged in unfair tactics and unconscionable conduct in the sale of car warranties that offered “no benefit or value” to consumers.
A judge has ordered Australia and New Zealand Banking Group to pay $10 million in penalties after finding that the bank engaged in unconscionable conduct and breached its obligations by slugging customers $3 million in periodic payment fees it was not entitled to charge.
The corporate regulator has brought action against Allianz Australia alleging the insurer misled consumers who purhased travel insurance on Expedia websites by failing to disclose how premiums were calculated and selling policies to ineligible customers.
ASIC’s case against GetSwift and its founders Joel Macdonald and Bane Hunter makes accusations against both directors but relies on alleged conduct by only Hunter, a lawyer for Macdonald has told a court on the last day of trial in the corporate regulator’s case.
Payday lenders Cigno and BHF Solutions are facing enforcement action by the corporate regulator alleging they breached the credit laws by lending to hundreds of thousands of consumers with a licence and charging $78 million in fees.
The corporate regulator has secured temporary restraining orders against a financial advisor who is accused of impersonating clients to obtain early release of their superannuation funds and pocket a substantial fee for the service.
The Morrison Government will ease responsible lending laws requiring banks to verify information from credit-seeking consumers, after the corporate regulator’s failed “wagyu and shiraz” case attacking Westpac’s lending practices.
The director of the beleaguered Mayfair investment group, who has been self-represented in winding up proceedings by ASIC, has now entered into a late stage retainer with law firm Ashurst, with his barrister saying he could no longer manage the case on his own after the regulator filed a lengthy affidavit.
A judge has ordered 17 companies connected to Mayfair’s “failed” IPO Wealth Fund to be wound up after finding the fund’s director put investor money at risk through “highly speculative” investments to make a windfall for himself.
The Australian Competition Tribunal has shot down ACCC moves to restrict the use of buy now, pay later finance for the purchase of solar goods and other new energy technology products.