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 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.
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.
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.
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.
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.
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.
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.
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.
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.