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Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.
NAB faces ASIC wrath with second fees for no service case
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The Australian Securities and Investments Commission has taken legal action against National Australia Bank alleging thousands of violations of the law through its fees for no service conduct, exposing the bank to the risk of significant penalties.
Takata airbags class actions confirm landmark challenge to class closure order
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The applicants in a group of class actions over defective Takata airbags are pushing ahead with a challenge to the power of the NSW Supreme Court to issue class closure orders in the aftermath of a High Court decision shooting down common fund orders, a fight that could send the cases back to the High Court.
ASIC takes life insurer TAL to court over handling of cancer victim’s claim
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The Australian Securities and Investments Commission has taken legal action on another referral from the banking royal commission, dragging life insurer TAL to court for allegedly engaging in misleading and deceptive conduct in its handling of a claim for coverage.
Leyonhjelm used settlement offer to ‘attack’ Sarah Hanson-Young, court hears
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Former senator David Leyonhjelm used a settlement offer as another platform to attack Greens senator Sarah Hanson-Young ahead of her win in a defamation case, a court has heard.
GetSwift shareholder info should be off limits for class action bookbuilding, judge told
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Contact details of shareholders provided by GetSwift to the firm running a class action should not be used to recruit group members now that the common fund order in the case has been quashed, the logistics company has told a court.
Appco ‘running out of money’, class action judge hears as fight over insurance docs looms
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Fundraising company Appco has told a judge overseeing a $90 million sham contracting class action it is “running out of money” and wants to mediate the dispute as soon as possible.
Court slashes $450,000 judgment against HWL Ebsworth
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An appeals court has slashed a $450,000 judgment against law firm HWL Ebsworth to $127,000, after finding a former partner who sued the firm for unfair dismissal had not lost the opportunity to seek other employment.
APRA begins probe of Westpac over ‘substantial gaps in risk governance’
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The Australian Prudential Regulation Authority has flagged potentially “substantial gaps in risk governance” by Westpac as it formally kicked off an investigation into the bank and its executives for potential breaches of the Banking Act.
Disqualified exec loses case that forwarded ASIC email doesn’t count as service
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An email from the corporate regulator forwarded to a Perth businessman by his lawyer constituted proper notification that the executive had been disqualified, an appeals court has ruled in tossing a challenge to the method of service.