The Coalition government will inject a record $550 million in additional funding for the banking and corporate regulators to crack down on wrongdoing in the financial services industry in the wake of the Hayne royal commission.
The Federal Court has been given exclusive jurisdiction over white collar criminal matters, with an additional $35 million in funding coming its way to mange the expanded caseload.
Banking giant Westpac has criticised Maurice Blackburn for rushing to file the first class action in the wake of the banking royal commission’s scathing final report, saying the self-appointed leading class action firm should know how to properly commence proceedings.
Trader Daniel Schlaepfer and his firm Select Vantage are seeking over $10 million in damages from the Australian Securities and Investments Commission in a defamation action against the corporate regulator, a court heard Thursday on the fourth day of trial in the case.
The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gave false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch’s withdrawal of Sigma’s credit rating prior to the collapse of the $27 billion investment fund was a “technical” issue, the bank has admitted.
The Australian Securities and Investments Commission made global trading firm Select Vantage “vanish overnight” from the Australian market using slanderous statements based on a lack of evidence, the NSW Supreme Court has heard.
Deloitte Touche Tohmatsu is facing claims by the lead applicants in two class actions against failed retail giant Dick Smith alleging its poor accounting practices contributed to the retailer’s collapse.
Wealth manager IOOF is facing a shareholder class action alleging it failed to tell investors that misconduct aired at the Banking Royal Commission would put it in the crosshairs of Australia’s financial regulator.
A former financial advised has been sentenced to 10 years in prison for doing ‘as he pleased’ with $5 million in client funds that were earmarked for superannuation investments.
ANZ has reached a settlement in long-running class action proceedings alleging it hit customers with illegal fees, but the $1.5 million payout falls far short of the many millions IMF Bentham spent in funding the matter.