ANZ has recruited seasoned class actions lawyer Ken Adams to be its next group general counsel as the bank faces two cases over a botched share placement and braces for the possibility of more litigation in the wake of the Banking Royal Commission.
AMP’s financial planning unit has admitted it breached the Corporations Act when at least one of its representatives engaged in so-called insurance policy churning, in a case brought by the Australian Securities & Investments Commission that will now head to a hearing on penalties next month.
Technology consulting group Infosys must hand over more documents — including source code — to Qudos as the mutual bank considers a possible copyright infringement and breach of contract case in the wake of a soured deal to help overhaul its online banking platform.
US hedge fund Oaktree Capital has placed fund manager Blue Sky Alternative Investments into receivership, following a tumultuous period marked by the loss of senior executives and three shareholder class action investigations amid concerns about the company’s method for valuing its assets under management.
Insurance giant Metlife has launched legal proceedings against the Australian Financial Complaints Authority to challenge a finding in favour of an injured former NSW police officer, in what is the first Federal Court action against the new external dispute resolution body.
Former IOOF chairman George Venardos will be allowed to object to incriminating evidence and discovery in proceedings brought by APRA, after a court found there was a real and appreciable risk that ASIC could also bring a civil case against him.
The Federal Court has approved a scheme of arrangement which will see investors take a 70 per cent stake in troubled fund manager Angas Securities, receiving a possible $52.2 million in shares and other assets.
The Australian Securities and Investments Commission chair James Shipton has clarified the regulator’s “why not litigate” approach to enforcement, saying it does not mean “litigate first” or “litigate everything”.
The writing may be on the wall for common fund orders in class actions that put all unregistered group members on the hook for a litigation funder’s commission, after the High Court agreed Wednesday to take up landmark challenges by Westpac and BMW, experts say.
The Australian Securities and Investments Commission has dropped its probe into Blue Sky over possible violations of its continuous disclosure obligations, but the fund manager still faces three active shareholder class action investigations.