Most Recent
ASIC bans Commonwealth Bank from charging ongoing service fee
Competition & Consumer Protection 2019-02-04 1:46 pm By Cat Fredenburgh Melbourne
The Australian Securities and Investments Commission has ordered Commonwealth Bank to immediately stop charging customers service fees, after the bank violated the terms of an enforceable undertaking related to its fees for no service conduct.
Visa settles competition lawsuit over currency conversion ban
Arnold Bloch Leibler 2019-01-31 10:01 pm By Cat Fredenburgh Melbourne
Visa has resolved a lawsuit by a fintech founder alleging it misused its market power by banning the use of dynamic currency conversion services in several countries, including Australia and the US.
Judge OKs $16.4M Cash Converters settlement, but axes scheme administrator clause
Class Actions 2019-01-31 7:51 pm By Miklos Bolza Sydney
A judge has signed off on a $16.4 million settlement of a class action against Cash Converters, but not before scrapping a clause he said tied the court's hands by making the deal conditional on the appointment of Maurice Blackburn as scheme administrator.
Court demands greater transparency from ASIC in AMP insurance case
Clayton Utz 2019-01-30 3:17 pm By Miklos Bolza Sydney
ASIC has been ordered to reveal the extent of its communications with experts that are compiling a report central to its case against AMP over alleged insurance churning by one of its former financial advisers.
One in five audits lack basis for giving financial reports the all-clear, ASIC finds
Financial Services 2019-01-24 9:50 pm By Christine Caulfield Melbourne
The Australian Securities and Investments Commission has called for the big accounting firms to focus on "culture and talent" after a new report found one in five audits had no reasonable basis for clearing company financial reports of material misstatements.
Frydenberg says not so fast on post-Hayne Commission reforms
Article 2019-01-22 10:17 pm By Cat Fredenburgh Melbourne
Treasurer Josh Frydenberg said new laws may not be needed to remedy the cracks in the  financial system laid bare during the Hayne Royal Commission. 
Deep Investments’ case over $10M in share trading losses shut down
Financial Services 2019-01-22 1:32 pm By Miklos Bolza Sydney
An appeals court has shut down a case brought by investment adviser Deep Investments against a solicitor and six others over $10 million in alleged share trading losses, saying the proceedings were an abuse of process.
Judge tosses Cash Converters’ ‘singular’ bid for recusal from settlement hearing
Class Actions 2019-01-18 10:41 pm By Christine Caulfield Melbourne
A judge has shot down a bid by Cash Converters to recuse himself from hearing arguments for a $16.4 million class action settlement, saying his advice while still a barrister to the law firm running the proceedings did not give rise to apprehended bias.
Herbert Smith Freehills to represent AMP in ASIC suit over Clayton Utz docs
Business of Law 2019-01-18 9:55 pm By Christine Caulfield Melbourne
AMP has retained Herbert Smith Freehills -- one of its go-to law firms -- to represent it in legal proceedings by the Australian Securities and Investments Commission seeking documents from Clayton Utz as part of an ongoing investigation of the wealth manager's fees-for-no-service conduct.
Activist suing super fund REST over climate change plan can’t cap adverse costs
Allens 2019-01-18 3:29 pm By Miklos Bolza Sydney
An ecological landscaper suing the Retail Employees Superannuation Trust fund for an undeveloped climate change policy has lost an application for a maximum costs order in the public-interest case.