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A judge has expressed doubts over Colonial First State’s plan to pass on part of its duties to the ATO in distributing a $56.3 million settlement secured by customers in a Maurice Blackburn-led class action.
Westpac slugged with $113M in penalties in six ASIC cases
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A judge on Friday slugged Westpac with a $40 million penalty for charging advice fees to over 11,800 dead customers in the last of six cases brought by the corporate regulator, taking the total to be paid by the bank to $113 million.
SingTel appeals ATO win over deductions on $14B Optus buy
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Telecommunications giant SingTel is challenging a ruling in favour of the Australian Taxation Office’s decision to reject over $894,000 in tax deductions related to its $14.2 billion acquisition of Optus.
Mercedes Benz CEO to hand over docs after dealers decry ‘unsatisfactory’ production
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Mercedes Benz Australia will produce 10,000 pages of documentary evidence alongside material from CEO Florian Seidler, in its fight against a $650 million lawsuit brought by Australian dealers over the car maker’s decision to move to a fixed-price agency model.
Aveo says class action opt out notice would ‘scare’ elderly people
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Retirement home provider Aveo Group has opposed a proposed opt out notice that it says would “scare” elderly people by warning the funder that’s backing a class action against it may seek an “unprecedented” order against certain unfunded group members.
Ex-Deloitte director accused of $3M fraud suspended from restructuring group
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A former Deloitte director accused of embezzling $3.1 million to fund lavish purchases, including an extensive art collection, has been referred to police and suspended by an association for Australian restructuring professionals.
Judge signs off on $32M in penalties against Westpac
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A judge has approved $32 million in penalties against Westpac in two cases brought by the corporate regulator accusing the bank of misleading thousands of “vulnerable” customers about their debts and failing to manage the accounts of deregistered companies.
Macquarie plays blame game with car dealers in flex commissions class action
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Macquarie Leasing has hit back at a class action over alleged unfair flex commission arrangements with car dealers, saying dealers were not required to propose high interest rates as part of the scheme and that customers were not forced to accept them.
Deloitte strikes back in Noumi class action over $590M write-down
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Deloitte and Noumi, formerly known as Freedom Foods, have pointed the finger at one another in a consolidated shareholder class action, with the accounting giant saying the food company made misleading representations in its financial reports and should be on the hook for its costs in defending the lawsuit.
GM cites force majeure clause in defence to Holden dealers class action
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General Motors Holden Australia has denied that it owes compensation to Holden dealers over its decision to retire the iconic brand in Australia, and says its dependence on other GM units to supply the cars constituted “an event beyond its reasonable control”.