The National Australia Bank has flagged a potential strike-out bid against a landmark case by the Finance Sector Union alleging bank managers were required to work unreasonable unpaid hours for years.
A judge has ordered two AMP units to pay a total of $24 million after finding the wealth manager acted unconscionably in charging insurance premiums and advice fees to deceased customers.
TPG-owned Anew Climate has sued an Australian company that allegedly impersonated a US carbon offset developer by using “bogus” emails to unlawfully receive payments under a $968 million (US$640 million) investment deal, a court has heard.
ANZ will no longer contest liability at trial in a case by the regulator over more than $10 million in cash advance fees charged to the credit card accounts of hundreds of thousands of customers.
The Australian Securities and Investments Commission has dragged lender Money3 to court for allegedly failing to properly assess the creditworthiness of low-income individuals before saddling them with $11,000 loans for second-hand car purchases.
Customers of wealth manager Colonial First State were $10 million to $12 million better off without a litigation funder in a class action over the slow transfer of accounts to low cost MySuper funds, a judge has found.
IG Markets could be hit with a second class action by investors seeking to claw back hundreds of millions of dollars allegedly lost in trading in over-the-counter derivative products known as contracts for difference.
A judge overseeing an investor class action over the collapse of advisory firm Linchpin Capital has questioned whether he has to “effectively second guess” a law firm’s advice given to group members about a partial settlement.
IG Markets has been hit with a class action on behalf of up to 20,000 everyday investors who have allegedly lost hundreds of millions of dollars trading in risky financial products known as contracts for difference, or CFDs.
Australian and New Zealand authorities have launched a joint investigation into the personal data handling practices of the Latitude group of companies, in the wake of a cyberattack that resulted in the theft of 14 million customer records.