Former Aussie Home Loans boss Stephen Porges has lost an appeal of a judgment ordering him to pay more than $1 million to a private equity firm that was found to have been duped into buying his worthless shares in a beleaguered startup.
Citigroup has agreed to refund $3 million to 114 customers that suffered losses stemming from investments in complex financial products, after ASIC raised concerns that some of the customers may have thought they were getting personal rather than general advice.
Wealth manager IOOF has dismissed a shareholder class action lawsuit related to allegations of misconduct aired at the Banking Royal Commission, calling it “speculative and unfounded”.
The Australian Competition and Consumer Commission has brought criminal cartel charges against a money transfer business and five individuals for allegedly fixing the foreign exchange rate on millions of dollars transferred between Australia and Vietnam between 2011 and 2016.
Months after submitting its final report on the country’s class action regime, the Australian Law Reform Commission has been tasked with undertaking a “comprehensive” review of the effectiveness of the country’s corporate crime laws, including whether the criminal code should be altered to make senior executives liable for company misconduct.
A judge has refused a bid by Macquarie Bank and a group of former financial advisers to preside over a mediation of their spat over $2.6 million in wages, saying a judge can’t act as a mediator and he wouldn’t do it even if he could.
The Commonwealth Bank of Australia has offered $9.3 million since 2014 to customers that suffered loss when advisers in two of its financial planning units put their money into high-risk investments without their permission.
Charges in the criminal cartel case against ANZ, Citigroup and Deutsche Bank over a $2.5 billion ANZ institutional share placement have yet to be finalised, almost a year after the proceeding was filed.
ANZ Bank executives briefly considered relaunching and repricing a botched $2.5 billion equity capital raising at the heart of two groundbreaking enforcement actions, and the decision by the share placement’s underwriters to instead pick up a $790 million shortfall deprived investors of lower priced shares, a court has been told.
The Commonwealth Bank has been hit with a lawsuit by a former general manager who claims his retrenchment in 2013 violated the whistleblower protections under the Corporations Act.