Commonwealth Bank of Australia unit Colonial First State Investments is facing penalties after the Federal Court found it misled its customers about their rights and obligations relating to the MySuper reforms passed by the federal government in 2012.
Allianz Australia and its travel insurance unit AWP Australia have been hit with $1.5 million in penalties in ASIC’s case alleging the insurance companies misled customers while selling travel insurance on Expedia websites.
ASIC is seeking $1.5 million in penalties against insurers Allianz and AWP after they admitted to misleading or deceiving the public by selling travel insurance to ineligible customers through three Expedia-owned websites.
A Victoria Supreme Court judge has rejected a post-trial bid to keep details of the 2019 sale of Cargill’s malt business under wraps in a long-running case over Viterra’s $420 million sale of its Joe White business, finding the move would be contrary to the principles of open justice where no harm from disclosure had been demonstrated.
A judge has questioned why ASIC is still pursuing its case CBA unit Colonial First State over statements made to 12,000 fund managers during the transition to MySuper accounts, after the bank admitted it misled members in 61 of the 80 phone calls at the heart of the case.
The Federal Court’s top judge has cautioned ASIC and insurers Allianz and AWP against presenting a “bastardised form of pleading” in the financial watchdog’s action over the alleged misleading sale of travel insurance to over 31,000 consumers.
Grain handling group Viterra has been denied a post-hearing bid to reopen a lawsuit brought by Cargill Australia over its $420 million acquisition of Joe White, with a judge finding the application would lead to “substantial disruption and delay”.
A judge has ordered that Joseph ‘Diamond Joe’ Gutnik’s Merlin Diamonds be wound up after the mining company’s provisional liquidators uncovered “serious contraventions” and a “serious failure of governance”.
A former managing director of Australian civil infrastructure contractor WBHO Infrastructure and his firm have lost their bid to cross-examine the company’s instructing solicitor at Corrs Chambers Westgarth as part of a $1 million share dispute that followed his termination.
A judge has appointed provisional liquidators to ‘Diamond Joe’ Gutnick’s mining company Merlin Diamonds, after finding evidence of “serious mismanagement” and citing an urgent need to investigate the company’s books.