ASIC has launched court proceedings against National Australia Bank accusing the bank of engaging in unconscionable conduct by charging more than $365,000 in fees to which it was not contractually entitled.
Two NAB units have indicated they will seek to dismiss a lawsuit over alleged MySuper mismanagement which the court recently ruled was not validly commenced as a class action if the lead applicant fails in his bid to replead.
A former high ranking executive from National Australia Bank has been sentenced to eight years in prison for receiving bribes in the form of inflated invoices to the tune of around $5.5 million.
NAB has succeeded in blocking accused scammer Helen Rosamond and her executive services company Human Group from varying a freezing order in a case over an alleged $51 million fraudulent scheme so that she can pay her legal bills and living expenses.
A class action filed by Maurice Blackburn against NAB units MLC and NULIS was invalidly commenced thanks to a carve out in the Supreme Court Act that bars class actions involving trust property, the Victoria Supreme Court has found.
A judge has slapped National Australia Bank with a $15 million penalty over its scandal-ridden home loan introducer program but slammed ASIC’s investigation into the program, saying there was no “real regulatory desire to pursue a thorough investigation as to what in truth occurred”.
The Australian Securities and and Investments Commission has won a $57.5 million judgment against two units of National Australia Bank for making misleading representations to superannuation customers regarding $100 million in fees charged for services they never received, far short of the $125 million sought by the corporate regulator.
Financial services giant IOOF Holdings will be on the hook for any judgments or settlements reached in two class actions and an ASIC lawsuit as part of its $1.4 billion acquisition of NAB wealth management unit MLC.
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.
Two National Australia Bank units are trying to shut down a Maurice Blackburn-led class action over alleged superannuation mismanagement, claiming that the proceeding was invalidly commenced in the Supreme Court of Victoria.