Australia’s largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.
Two Westpac units have made admissions and said they would not defend proceedings brought by the Australian Securities and Investments Commission over fees charged for services that were not provided to hundreds of financial advice customers.
Australia and New Zealand Banking Group and Commonwealth Bank of Australia have lost a third attempt to escape a rate-rigging class action in the US, with a judge calling the banks’ arguments unpersuasive.
ASIC has called for a $15 million penalty against National Australia Bank over its scandal-ridden ‘Introducer’ loan referral program, but a judge has questioned the “superficial” investigations in the case and remarked on the corporate regulator’s “pattern” of bringing enforcement action after remediation programs were well underway.
The former CEO of Beem It has discontinued her legal claims against the payments fintech co-owner, Commonwealth Bank of Australia, only days after naming the bank in her lawsuit alleging workplace breaches.
A judge has signed off on a $49.5 million settlement in a class action against National Australia Bank over ‘junk insurance’, including millions in fees for the firm that brought the case on a no-win, no-fee basis, despite calling the settlement sum a “substantial compromise”.
The Big Four banks were trying to shore up their profits when they refused to pass on home loan interest rate cuts to consumers in full last year, an interim report of an Australian Competition and Consumer Commission inquiry has found.
A judge overseeing a class action against National Australia Bank over ‘junk insurance’ has ordered that potential group members be given information about cancelling the policies, but not before taking the applicants to task for not having the polices automatically cancelled as part of the $49.5 million settlement.
A judge has questioned whether he should sign off on a $49.5 million settlement in a class action against National Australia Bank over allegedly worthless credit card insurance, which he said had a “fundamental flaw” because it did not contain a provision automatically cancelling group members’ policies.
National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.