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More law firms to be dragged into Dover Financial negligence case
Adam Coote 2020-06-17 6:30 pm By Alison Eveleigh

More law firms may soon be targeted in a lawsuit brought by defunct financial advisor Dover Financial alleging three law firms provided negligent advice concerning an inaptly titled ‘client protection policy’, which a judge recently found was “highly misleading” and “an exercise in Orwellian doublespeak”.

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Judge tells AUSTRAC to ‘guillotine’ Westpac case as it readies more claims
Allens 2020-06-17 4:12 pm By Alison Eveleigh

A judge has warned AUSTRAC that it needs to finalise its case against Westpac over anti-money laundering breaches as the regulator readies a slew of new claims, quashing any hopes of a trial this year.

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Mayfair to retire ‘Platinum’ brand to put trade mark dispute to rest
Allens 2020-06-16 11:05 pm By Christine Caulfield

Mayfair 101 has agreed to cease using the brand name Mayfair Platinum to settle a trade mark dispute brought by ASX-listed fund manager Platinum Asset Management.

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ANZ says allegedly worthless insurance policies gave customers ‘peace of mind’
ANZ 2020-06-16 6:15 pm By Alison Eveleigh

ANZ has denied claims that it sold allegedly worthless insurance to group members in a class action against the banking giant, and has said the policies gave customers “peace of mind”.

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Mayfair 101 hits back at ASIC claims of misleading advertising
ASIC 2020-06-16 5:29 pm By Christine Caulfield

Investment group Mayfair 101 has denied claims by ASIC that it has engaged in misleading or deceptive advertising of its Platinum products, saying in a response to the regulator’s case the products were aimed at sophisticated investors who were told of the risks. 

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ASIC takes action against Societe Generale for lax handling of client money
Article 2020-06-15 12:48 pm By Cat Fredenburgh

ASIC has slapped an Australian unit of French investment bank Société Générale with additional licence conditions for failing to comply with its obligations for handling client money over a near four-year period.

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Westpac could face more AUSTRAC claims as child exploitation scandal deepens
Allens 2020-06-12 10:04 pm By Cat Fredenburgh

Westpac is facing the possibility of more claims in proceedings brought by AUSTRAC over anti-money laundering breaches, with the regulator seeking information on 272 customers who may have been involved in the exploitation of children.

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Former Beem It boss drops lawsuit against payments fintech, CBA
CBA 2020-06-12 12:49 pm By Christine Caulfield

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.

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Banned financial advisor Sam Henderson charged over master’s degree claims
Financial Services 2020-06-10 9:14 pm By Christine Caulfield

Former celebrity advisor Sam Henderson, who was slapped with a three-year financial services ban last year after his appearance at the banking royal commission, has been charged with multiple dishonesty offences.

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Commonwealth Bank faces class action over ‘junk’ insurance
CBA 2020-06-10 8:52 am By Cat Fredenburgh

The Commonwealth Bank of Australia has become the latest Big Four bank to be hit with a class action over the sales of allegedly worthless insurance products.

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