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Criminal charges ‘on the cards’ for WA businessman Chris Marco, court told
ASIC 2020-05-27 9:52 pm By Christine Caulfield Melbourne

Accepting that criminal proceedings were “on the cards” for accused Ponzi schemer Chris Marco, a judge has ordered the appointment of receivers to his assets and those of his company, AMS Holdings, saying there was a strong need for an independent assessment of the investment activities of the WA businessman.

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‘Not an idle or disinterested bystander’: Funder hit with costs for failed real estate case
David Hume 2020-05-27 7:51 pm By Cat Fredenburgh Sydney

A court has ruled that a litigation funder backing an unsuccessful real estate lawsuit by two broke plaintiffs must cover the legal costs after finding that the funder’s goals in the case were “more to serve its own commercial and financial ends” than to assist its clients.

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‘Threat of a heavy sanction’: Shareholder slams opt-out notice in AMP class action
Adam Hochroth 2020-05-25 8:15 pm By Miklos Bolza Sydney

A proposed notice to eligible group members in Maurice Blackburn’s class action against AMP over its fees for no services scandal threatened to bar unregistered shareholders from any settlement stemming from mediation in the case, a threat barred by a recent ruling finding that courts have no power to close class actions to signed up group members, an appeals court has heard.

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IOOF follow-on shareholder class action flops
Class Actions 2020-05-25 4:13 pm By Christine Caulfield Melbourne

Eight months after defeating a case brought by the prudential regulator alleging breaches of superannuation laws, wealth manager IOOF has escaped a class action without paying a cent to shareholders.

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Full Court to hear Cigno challenge to ASIC ban on short-term credit lending
Appeals 2020-05-20 12:07 pm By Cat Fredenburgh Melbourne

Cigno has appealed a ruling shooting down its challenge to the first action brought by ASIC under its powers to prohibit ‘predatory’ financial products, which targeted the payday lender’s model of short-term credit lending.

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Westpac admits money laundering breaches, lax monitoring of suspicious customers
Allens 2020-05-15 11:15 pm By Christine Caulfield Melbourne

Westpac has admitted to millions of breaches of anti-money laundering and counter terrorism financing laws, and has told a court it did not adequately monitor transactions of customers linked to child exploitation.

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Herbert Smith Freehills lures financial services partner from Norton Rose
Financial Services 2020-05-15 4:15 pm By Christine Caulfield Melbourne

Herbert Smith Freehills has bolstered the ranks of its global financial services team with the recruitment of former Norton Rose Fulbright partner Charlotte Henry.

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One case prevails in battle over competing Westpac AUSTRAC class actions
AUSTRAC 2020-05-12 11:13 pm By Christine Caulfield Melbourne

A contest of two competing shareholder class actions against Westpac over millions of alleged anti-money laundering breaches has ended with one law firm and its funder bowing out.

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Court urges investigation into SMSF advisor’s ‘calculated deception’
Edward Anderson 2020-05-12 2:59 pm By Miklos Bolza Sydney

A judge will ask the NSW Attorney General to launch a criminal or regulatory investigation into a Hunter Valley-based financial advisor whose alleged fraudulent conduct led to investor losses of over $4.6 million.

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Shareholder appeals judge’s refusal to freeze AMP class action
Adam Hochroth 2020-05-11 6:29 pm By Miklos Bolza Sydney

A NSW Supreme Court decision refusing to put a Maurice Blackburn-led shareholder class action against AMP on ice pending a High Court challenge has been appealed by the lead applicant of a competing case.

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