Companies linked to the wife of the disgraced Banksia Securities class action silk Norman O’Bryan have offered $1.25 million to settle proceedings seeking to recover a $21.5 million judgment for defrauded investors.
Prosecutors have dropped its fraud case against the former chief financial officer of a unit of collapsed Gold Coast finance company Octaviar Investments, citing his poor health.
Westpac has hit back at a bid by ASIC to add an allegation to the regulator’s insider trading case that hinges on the bank providing financial services when it traded on the morning of a $16 billion deal to privatise electricity provider Ausgrid.
Two class action law firms have teamed up to investigate possible legal action against Latitude Financial over a cyberattack that resulted in the theft of 14 million customer records.
The drivers licence numbers of close to 8 million people and more than 6 million other records were stolen in a cyberattack on Latitude Financial, which the non-bank lender originally estimated had affected around 325,000 customer records.
An investor class action has reached a settlement with four former directors of defunct Linchpin Capital, leaving only allegations against AIG Insurance, which is allegedly seeking to withdraw an admission that directors were insured under a D&O policy.
A senior barrister who represented Mayfair 101 founder James Mawhinney in mediation of two cases last year has been allowed to appear against him at a hearing in another dispute against a lender and two McGrathNicol receivers, but the silk won’t participate in settlement talks.
A cyberattack on Latitude Financial appears worse than first reported, with the non-bank lender revealing the data of current and former customers as well as applicants across Australia and New Zealand has been affected.
A judge has rejected arguments by superannuation trustee OnePath Custodians that the corporate regulator must look to former parent company ANZ for evidence in its fees for no service case.
A law firm and several peak bodies for professionals in the corporate sphere have criticised the Australian Securities and Investments Commission’s enforcement track record, saying the regulator is inefficient and fails to properly address misconduct.