A court has ordered a subsidiary of Indian conglomerate Adani Group to pay more than $106 million to four coal mining companies after finding the mining company engaged in “dishonest behaviour” and misled the court.
Australia’s corporate watchdog has lost its bid to obtain Ashurst’s advice to Australia and New Zealand Banking Group about potentially illegal bank fees “for now”, but a judge has signalled that this may not be the end of the matter.
Ashurst notified Australia and New Zealand Banking Group almost a decade ago about issues relating to its illegal fees, ASIC has told the Federal Court as it fights for documents from the law firm.
ASIC has launched a bid to gain access to legal advice provided by Ashurst to Australia and New Zealand Banking Group in the regulator’s case over $35 million in allegedly illegal bank fees.
ANZ has rejected allegations by the financial regulator that $35 million in fees charged to customers for periodical payments between accounts was unlawful, saying the regulator’s case extended the scope of false and misleading representation claims.
Two name partners at law firm Tucker & Cowen have lost another attempt to dismiss a case brought against them by the receivers of failed fund manager Equititrust over $17.5 million in funds allegedly obtained by deceptive means.
The Australian Securities and Investments Commission is planning to sue ANZ over $35 million in allegedly illegal customer fees, which were also at the centre of two class actions settlements reached last year under which customers are expected to walk away with no more than $100 apiece.