Pitcher Partners has been ordered to hand over information about its professional indemnity insurance in two shareholder class actions over its role as Slater & Gordon’s auditor.
Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
A judge has criticised two units of global finance firm TP ICAP Group for “unnecessary and over technical interlocutory skirmishes” as they seek damages from two employees who jumped ship to a competitor and allegedly tried to poach staff.
Westpac has defeated a responsible lending case brought by the Australian Securities and Investments Commission in relation to almost 262,000 home loans, with the Federal Court finding the corporate regulator misinterpreted the operation of national lending laws.
ASIC has abandoned its market manipulation case against National Australia Bank contractor Whitebox Trading, just over a month after the financial regulator decided to appeal the Federal Court’s primary decision to throw out their case.
Westpac and two of its subsidiaries have been hit with a $1.5 million penalty by the Australian Prudential Regulation Authority for failing to meet their reporting obligations.
National Australia Bank and the director of the collapsed Walton Construction face a possible lawsuit over more than $70 million in claims after the Federal Court gave the greenlight to the appointment of a special purpose liquidator to pursue the case.
The former partner of Westpac-backed venture capital firm Reinventure Group has been ordered to appoint an independent valuer to clarify the claimed loss against her former employer before the parties enter mediation.
An appeals court has found insurers AIG Australia and Catlin Australia have to cover part of a $6 million settlement agreed to by Bank of Queensland last year in a class action brought by investors in a multimillion dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
The Australian Securities and Investments Commission has warned superannuation funds they face criminal penalties if they try to win over employers with tickets to sporting events or other gifts.