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Retail OTC derivative issuer AGM Markets has had its financial services licence canceled, after ASIC found it engaged in unconscionable conduct and failed to manage conflicts of interest.
Westpac has been ordered to pay a $3.3 million penalty for engaging in unconscionable conduct when it traded in bank bills in an attempt to influence the benchmark Bank Bill Swap Rate on four occasions, with a Federal Court judge admitting the fine was "inadequate."
Two far-reaching appeals challenging the court's power to order all members of an open class action to pay a litigation funder will be heard together, and soon, the Federal Court's top judge said Thursday.
Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank's argument that the class action should only be considered one claim under the policy.
The Australian Securities and Investments Commission has secured almost $9 million in penalties against Melbourne-based Financial Circle over a scheme to extract advice fees and ongoing commission from borrowers who took out personal loans.
The founder of a fintech company suing Visa for allegedly abusing its market dominance is flying a Federal Court judge to the UK to preside over the examination of a key but reluctant witness in the case, former Visa boss Rupert Keeley.
An appeals court has rejected the funder's commission and legal fees stemming from a $64 million settlement in litigation over the failure of Banksia Securities, but granted approval to the settlement.
A class action against Westpac over allegedly excessive insurance premiums has been put on ice after funder JustKapital filed an application to stay the case in the wake of the bank's appeal challenging the court's power to make a common fund order.
ASIC has been given a little over a month to provide ANZ with documents it collected during the course of its investigation into a $2.5 billion ANZ share placement, as the bank, which is facing a related criminal cartel case, mulls whether to file an application to stay the regulator's action.
Westpac is contesting a subpoena in a class action over allegedly excessive life insurance premiums for documents from Deloitte that may reveal how the bank chose the policies it offered.