The former directors of defunct financial advisory firm Storm Financial have failed in their appeal of a ruling that found they breached their duties to eleven vulnerable investors by providing a one-size-fits-all model of investment advice that was inappropriate.
A judge has criticised as “meretricious” and “ridiculous” opposition by Commonwealth Bank of Australia to a discovery application by a former general manager who claims he lost his job for blowing the whistle on alleged manipulation of staff bonuses.
A judge has ordered ASIC to wait 48 hours after making any decision to send a warning notice to investment conglomerate Mayfair 101 before publicly issuing the notice, despite the regulator’s call for urgent action amid the COVID-19 pandemic.
The Australian Securities and Investments Commission will continue its enforcement activities amid the spread of the coronavirus but will prioritise cracking down on behaviour that threatens “immediate consumer harm”.
For the lawyers conducting the committal hearings in the criminal cartel case over ANZ’s $2.5 billion equity raising, the Sydney Downing Centre courtroom was already too close for comfort.
The Australian arm of French investment banking giant Societe Generale is facing four criminal charges for allegedly failing to comply with its obligations to keep client money in separate bank accounts.
Two units of AMP have paid a $536,000 penalty for failing to report derivative transactions, with the Australian Securities and Investments Commission slamming the company for “serious inadequacies” in its reporting processes.
The corporate cop has brought legal proceedings against the Commonwealth Bank’s wealth management unit claiming it made misleading or deceptive statements to over 12,000 fund members during the transition to MySuper accounts.
The corporate watchdog has brought two post-Hayne Commission proceedings against the Commonwealth Bank of Australia, alleging it upped the credit limit of a known problem gambler and overcharged more than $8 million in fees on its agricultural lending products.
Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the class action against the bank.