The Australian Competition and Consumer Commission has come up short in its challenge to a ruling that dismissed its case against TPG over contract terms that allowed the internet provider to keep customers’ unused prepaid funds on phone or internet plans.
AMP has been hit with a cliass action by a group of financial planners over changes to its buyer of last resort policy last year, which cut the number of authoried advisers and retreated from a promise to buy back their businesses at a price based on a set multiple.
The Murray Goulburn class action has been cited repeatedly in the current parliamentary inquiry into class actions and litigation funding. For some, the return generated by Omni Bridgeway, which funded the action, is Exhibit A in the case that litigation funders make too much money. To others – including the one person in the best position to judge – it is nothing of the sort, says Clive Bowman of Omni Bridgeway.
Telstra has filed a lawsuit accusing Singtel Optus of breaching the Australia Consumer Law through ads that claim it is “covering more of Australia than ever before”.
Westpac anti-money laundering compliance troubles continue to worsen, with the bank reporting an additional 365,000 incomplete or inaccurate threshold transaction reports to AUSTRAC.
A senior officer from the ACCC has rejected claims that the regulator took legal advice from immunity applicant JPMorgan before launching its high profile criminal cartel case against ANZ, Citigroup and Deutsche Bank.
A former high-ranking Deutsche Bank executive charged with involvement in an alleged cartel agreement relating to a $2.5 billion ANZ share placement claims he was dragged into the case becaused of the “incredibly slapdash” methods of the ACCC.
ANZ Banking Group has slammed a decision by the ACCC to escalate concerns that one of its key cartel witnesses was not being “full and frank”, claiming this was a way to put pressure on the witness and bring his evidence into line.
Commonwealth Bank’s wealth management unit Colonial First State has admitted misleading conduct in certain calls to superannuation members, but has otherwise denied claims by the corporate watchdog that it misled over 12,000 fund members during the transition to MySuper accounts.
ASIC has dropped its fight with Westpac over the bank’s financial assessment of home loan borrowers following political pressure, citing the “challenging economic circumstances”.