The Commonwealth Bank of Australia has been sued for conspiracy to misuse private information and bank account details in an unfair dismissal case brought by the director and former employee of a Melbourne financial services provider.
The prudential regulator has reduced a requirement that Allianz Australia hold an extra $250 million in capital by $100 million, noting steps the insurer had taken to improve its risk management. The Australian Prudential Regulation Authority imposed the additional capital requirement on the insurer’s Australian unit in August last year, due to issues raised in…
The Australian Securities and Investments Commission has filed civil penalty proceedings against the Commonwealth Bank of Australia for allegedly saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions.
The Commonwealth Bank of Australia has been fined $150,000 after a Federal Court judge found the bank had breached the law by increasing a problem gambler’s credit card limit but that the conduct was “not systematic, deliberate or covert”.
Commonwealth Bank of Australia has resolved a lawsuit brought by a former general manager alleging he lost his job for blowing the whistle on a system allegedly used by staff to inflate their bonuses.
A high ranking executive from the Commonwealth Bank of Australia has warned that an increase in class actions could discourage Australia’s best corporate leaders from joining company boards.
A class action has been filed against the Commonwealth Bank of Australia over commissions grandfathered by the Future of Financial Advice reforms.
The Australian Securities and Investment Commission will not take action against the Commonwealth Bank of Australia or any of its directors of officers in relation to AUSTRAC proceedings the bank agreed to settle for $700 million in 2018.
The Commonwealth Bank of Australia has denied that it received any benefits through the sale of its Essential Super product, rejecting claims by Australian Securities and Investments Commission that it breached the conflicted remuneration provisions of the Corporations Act.
Insurer QBE wants to downsize a massive class action brought against it and banking giant ANZ over the sale of allegedly worthless add on insurance.