The costs of Westpac’s customer remediation for the 2019 financial year will approach $1 billion, the bank said Wednesday, as it revealed to the market a $341 million dent in its cash earnings for the second half of the year as part of its ongoing repayment program.
The competition watchdog has given the greenlight to US cold storage giant Emergent Cold’s proposed takeover of rival Australian compay AB Oxford after raising preliminary concerns the deal would hike up prices.
A judge’s decision refusing to approve a $42 million settlement in a shareholder class action against Murray Goulburn because of a “too high” funder’s commission has set the stage for a showdown over the power of courts to alter funding agreements, a battle potentially more consequential than the fight over common fund orders now before the High Court.
Flight Centre has agreed to hand over $252,000 in penalties after the consumer watchdog slapped the travel giant with infringement notices for holiday promotions that potentially duped customers.
A judge has signed off on a settlement of a long-running class action against Westpac unit BankSA, and has ruled the law firm that brought the case has an equitable right to unpaid legal costs for investigating the case before it found a funder.
Ex-Tennis Australia director and current Dentons partner Steve Healy, who is facing action by the corporate regulator over the broadcast rights to the Australian Open, has lost a bid for access to six years of emails between two other former board members.
Commonwealth Bank’s wealth management unit Colonial First State has been hit with a second class action in as many days, this one alleging it charged excesssive superannuation fees to fund commissions to financial advisers.
A judge has refused to sign off on a $42 million settlement of a class action against dairy giant Murray Goulburn, saying the commission sought by the funder appeared out of proportion to the risk and above the going rate.
Corrs Chambers Westgarth has been retained by the AMP Financial Planners Association to weigh a possible class action against the wealth manager over its plan to cut the number of authorised advisers and retreat from a promise to buy back their businesses at a set multiple.
Retailers Target and Big W have admitted they breached the consumer laws and potentially misled customers complaining about faulty Sony PlayStations and Dyson appliances, the ACCC said Tuesday.