Most Recent
The Full Federal Court has handed the Australian Securities and Investments Commission a win in a high-stakes appeal over what constitutes personal advice under financial services laws, finding Westpac violated its duty to act in its customers best interests through a superannuation rollover campaign.
Westpac has offered an appeals court two more reasons to affirm its victory in a closely watched responsible lending case brought by the Australian Securities and Investments Commission over almost 262,000 home loans.
The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.
The Australian Securities and Investments Commission has filed an appeal against the Federal Court’s responsible lending ruling in favour of Westpac, arguing the decision had created uncertainty around the obligations of credit providers.
The Australian Securities and Investments Commission is seeking evidence from US proceedings in its case against Rio Tinto alleging the mining giant misled shareholders about a Mozambique mining company purchased for US$4.2 billion.
Six individuals interviewed by ASIC in relation to the collapse of sandalwood producer Quintis have sought leave to intervene in the regulator's case against the company's founder, Frank Wilson, after he sought discovery from ASIC of interview transcripts.
Westpac has defeated a responsible lending case brought by the Australian Securities and Investments Commission in relation to almost 262,000 home loans, with the Federal Court finding the corporate regulator misinterpreted the operation of national lending laws.
AMP's financial planning unit has admitted it breached the Corporations Act when at least one of its representatives engaged in so-called insurance policy churning, in a case brought by the Australian Securities & Investments Commission that will now head to a hearing on penalties next month.
Mining firm MACH Energy may move to strike out "inconsistent" pleadings in a $20 million lawsuit brought by its former managing director, Scott Winter, whose discovery delays have raised the ire of the judge hearing the case.
Mining firm Mach Energy is facing legal action from its former managing director over $20 million in shares allegedly owed under an equity incentive scheme.