A year after Commissioner Kenneth Hayne released his scathing report, companies in the financial services sector are still facing fresh class actions over conduct aired at the banking royal commission, and the pace has even picked up in recent months.
Commonwealth Bank’s wealth management unit Colonial First State Investments faces a new class action on behalf of hundreds of thousands of customers who were allegedly charged excesssive premiums on insurance policies.
Two National Australia Bank units have been hit with a class action alleging they violated their duties as superannuation trustees by allegedly failing to transfer members to funds with lower fees.
A new superannuation bill working its way through the Federal Parliament should include a right of action for employees to seek damages against businesses that fail to make super payments, according to a Maurice Blackburn partner.
Mortgage lending and investment company RMBL has agreed to pay $3 million to settle a class action alleging it charged excessive fees on loans and made misleading representations under its contributory mortgage fund scheme.
An IOOF subsidiary has appealed a $76.6 million judgment finding it breached its duty in the sale of a 46,000 hectare plantation by collapsed forestry giant Gunns Group and shooting down its cross claim seeking to pass liability onto law firm Sparke Helmore.
The founder of defunct whitegoods distributor Kleenmaid faces jail time after a jury on Friday found him guilty of 19 charges of fraud and insolvent trading relating to the collapse of the company, including a $13 million fraud on Westpac.
National Australia Bank will be hit this year with an estimated $750 million in fines stemming from its fees for no service conduct and potential breaches of money laundering laws, analysts have predicted.
A court has slashed the costs awarded to a Tucker & Cowen name partner in a lawsuit brought by the liquidators of failed fund manager Equititrust, citing a recent High Court ruling that found self-represented lawyers cannot recover their own expenses.
The liquidators of Melbourne-based forex trader Berndale Capital have filed examination proceedings in the Federal Court seeking to question the company’s former CEO and its other directors.