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JPMorgan witness disputed existence of ANZ cartel ‘agreement’ court hears
Competition & Consumer Protection 2019-12-06 9:45 pm By Miklos Bolza

A key witness from JPMorgan previously contested claims by the ACCC that a key component of an alleged cartel arrangement between four major banks around a $2.5 billion institutional share placement by ANZ was actually an ‘agreement,’ as opposed to a series of independent decisions, a court has heard.

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Group members to get $100 or less under $1.5M ANZ class action settlement
Class Actions 2019-12-06 1:54 pm By Cat Fredenburgh

A judge has given the green light to a $1.5 million settlement in a long-running class action against ANZ alleging it slapped customers with illegal fees, with group members expected to get no more than $100 and potentially walking away with “substantially less” than this.

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JPMorgan witnesses grilled as banks seek to poke holes in ANZ cartel case
Competition & Consumer Protection 2019-12-05 9:21 pm By Miklos Bolza

Two key witnesses from JPMorgan have been grilled by lawyers for three major investments banks named in a high-stakes criminal cartel case as the banks seek to cast doubt on how the ACCC gathered evidence during its almost two-year cartel investigation.

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Sony skips level in ACCC’s PlayStation lawsuit
Competition & Consumer Protection 2019-12-04 3:49 pm By

A Federal Court judge has vacated a hearing on liability in the Australian Competition and Consumer Commission’s lawsuit against Sony alleging the entertainment company misled gamers who purchased faulty PlayStation games.

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APRA ‘actively considering’ next steps against Westpac in wake of AUSTRAC lawsuit
Financial Services 2019-12-02 5:06 pm By Miklos Bolza

APRA’s chairman has told Parliament that the regulator is “actively considering” what action it should take against Westpac in light of recent allegations by AUSTRAC that the bank breached anti-money laundering laws on 23 million occasions.

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Sydney lawyer on the hook for ‘actively concealing’ Peter Foster’s sports betting scam
Class Actions 2019-12-02 11:43 am By Miklos Bolza

Investors who sank $12.3 million into a fraudulent sports betting scheme run by convicted conman Peter Foster lost money because a Sydney lawyer failed to come forward with the truth, a judge has found.

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Optus hit with $6.4M fine for misleading NBN email
Competition & Consumer Protection 2019-11-29 10:24 pm By Cat Fredenburgh

A Federal Court judge has slapped Optus with a $6.4 million penalty for sending a misleading email to 138,988 mobile customers informing them their broadband service would be disconnected soon, just two days after the telecommunications giant copped a $1.5 million penalty for similar conduct.

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With class actions likely, Westpac gives share purchasers a way out
Financial Services 2019-11-28 11:34 pm By Cat Fredenburgh

Embattled banking giant Westpac may be seeking to limit its potential liability in any shareholder class actions it may face in the wake of AUSTRAC’s lawsuit alleging 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank offering to refund some of those that purchased shares as part of a $2.5 billion capital raising.

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Dentons defends Afterpay money laundering advice
Financial Services 2019-11-26 5:30 pm By Cat Fredenburgh

Dentons is standing by the legal advice it gave to Afterpay regarding its compliance with anti-money laundering laws, after an independent auditor found the buy now, pay later company received “incorrect” advice from top-tier Australian law firms.

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Westpac CEO steps down following AUSTRAC lawsuit
AUSTRAC 2019-11-26 11:59 am By Miklos Bolza

Westpac CEO Brian Hartzer has stepped down after admitting he was “ultimately accountable” for failures detailed in an AUSTRAC lawsuit alleging over 23 million breaches of anti-money laundering and counter-terrorism financing laws.

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