Personal lender ClearLoans and its parent company have been hit with $6 million in penalties for violating consumer credit protections laws, including by failing to respond to financial hardship notices from debtors during the height of the COVID-19 pandemic.
Personal lender ClearLoans and its parent company have agreed to pay penalties of just over $6 million to settle the first COVID-19 related case brought by the Australian Securities and Investments Commission.
The sole director of personal lender ClearLoans has agreed to settle the first case the Australian Securities and Investments Commission brought related to the COVID-19 pandemic.
Personal lender ClearLoans has lost its bid to strike out claims in ASIC’s first case related to the COVID-19 pandemic after a judge found the regulator’s action, which accuses the lender of breaching the hardship provisions of the credit laws, was “sufficiently clear”.
The judge overseeing ASIC’s first COVID-19-related case has criticised personal lender ClearLoans’ delay in responding to the case, saying a change in the company’s legal representation was not an excuse for defaulting on court orders.
Canadian trader Daniel Schlaepfer has suffered a loss in his $10 million defamation case against ASIC, with an appeals court tossing the lawsuit despite finding the regulator defamed him and his firm by accusing them of unlawful market manipulation.
The association behind over 1,300 clubs in NSW has won court permission to use documents produced in its breach of confidentiality lawsuit against whistleblower Troy Stolz in two other proceedings brought by the former compliance auditor for Fair Work contraventions, defamation and workers compensation.
A judge has ordered ASIC to provide more detail in its case accusing personal lender ClearLoans of contravening the hardship provisions of the credit laws, in the regulator’s first case related to the COVID-19 pandemic.
The Australian Securities and Investments Commission has dropped its investigation into trading firm Select Vantage, which brought an unsuccessful $10 million defamation suit against the regulator.
An appeals court has dealt Classic Bet and Best Bet a loss in their challenge to a $3.8 million judgment in a contractual dispute related to the $5.95 million acquisition of the sports gambling companies by Playup in 2018.