The Commonwealth Bank of Australia and other lenders have been warned by the corporate watchdog against a “tick-boxes” approach to reviewing reverse mortgage applications by elderly home owners.
A judge refused Tuesday to step down from two cases brought by Bendigo and Adelaide Bank seeking to claw back loans from group members in a settled class action over Great Southern Group’s managed investment schemes, saying no apprehension of bias could arise.
Correspondence to a law firm revealing a client’s identity was covered by legal professional privilege because the firm’s advice was contingent on the client providing his name, a court has ruled.
The Commonwealth Bank of Australia is seeking to strike out portions of a shareholder class action over allegedly lax anti-money laundering and anti-terrorism financing controls it calls a “vague penumbra” that leaves the bank in the dark about the case against it.
The Public Trustee of Queensland asked a court Wednesday for indemnity costs from a global litigation funder its says was the “real moving force” behind a dismissed investor class action it called a “nakedly speculative venture”.
The High Court has granted special leave to appeal a lifelong ASIC ban to a broker a judge once described as “loose with the truth” and as carrying a “massive bag of dishonest conduct” with him.
The corporate watchdog is planning to launch legal action soon over the banking industry’s fees for no service, and expects to secure $1 billion in compensation for customers, the Royal Commission heard Friday.
Westpac admits that it violated the Corporations Act by awarding high performance marks to a financial adviser whose work was flagged for compliance concerns during several internal reviews.
A judge has denied a Westpac unit’s bid to strike allegations that it knew about a $1.9 million Ponzi scheme from a class action alleging the bank aided the Ponzi schemer’s illegal conduct.
Embattled financial giant AMP on Tuesday criticised concerns raised by lawyers for the federal class actions about group members’ opt out rights, saying the concerns were a “red herring” in the fight against an order transferring their cases to the NSW Supreme Court.