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‘Surprising and concerning’: AMP hit with $14.5M penalty in fees for no service case
AMP 2022-09-20 11:00 pm By Cindy Cameronne Sydney
A judge has imposed a $14.5 million penalty on five AMP entities, saying it was “surprising and concerning” that the wealth manager deducted $356,000 from customers' superannuation accounts for advice they never received, despite numerous complaints.
Judge rejects A One Multi receiver’s request for future remuneration
ASIC 2022-09-20 1:02 pm By Cindy Cameronne Sydney
Two receivers for unlicensed investment scheme A One Multi Services have lost their bid to have 85 per cent of their future remuneration paid out immediately, with a judge agreeing with the corporate regulator that the receivers should not have “what are in effect trust funds”.
Dixon Advisory hit with $7.2M penalty in ASIC case
ASIC 2022-09-19 3:08 pm By Cat Fredenburgh
A judge has signed off on a $7.2 million penalty against Dixon Advisory after the company admitted to ASIC allegations that its advisors failed to act in its clients' best interests by recommending they invest in a risky US-based real estate investment fund.
Westpac slams ‘disorderly’ shareholder class action over AUSTRAC disclosures
Class Actions 2022-09-16 2:42 pm By Sam Matthews Melbourne
Westpac has criticized the lead applicant in a class action filed in the wake of AUSTRAC proceedings for the "disorderly" conduct of the lagging proceedings, with discovery yet to be finalized as the case nears its third anniversary.
Mayfair’s James Mawhinney wins reversal of 20-year ban
Aaron Weinstock 2022-09-15 11:08 am By Sam Matthews
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has won an appeal against a decision that saw him banned from soliciting funds or promoting any financial product for 20 years.
‘Most regrettable’: Mawhinney’s incompetence claims against lawyers don’t come close, judges say
Aaron Weinstock 2022-09-15 1:52 pm By Sam Matthews Melbourne
Despite scoring a win Thursday in his appeals court battle with ASIC, Mayfair 101's James Mawhinney was criticized for his "spurious" claims against solicitors and counsel acting for him.
Class action probe targets Aussie Home Loans over ‘worthless’ policies
Class Actions 2022-09-14 2:47 pm By Sam Matthews Melbourne
Aussie Home Loans is facing a class action investigation for allegedly selling “essentially worthless” policies to homeowners.
Banksia class action silk’s wife bound by damning judgment, court told
Class Actions 2022-09-09 11:51 pm By Christine Caulfield
Companies associated with the wife of disgraced senior barrister Norman O'Bryan are stuck with the findings of last year's excoriating judgment against the Banksia class action legal team despite their status as third parties, a court has heard.
Cartel case dropped against director of money transfer biz
Astrid Haban-Beer 2022-09-08 11:05 am By Sam Matthews
The director of a money transfer business accused of fixing foreign exchange rates has been let off the hook after four other people associated with the business entered guilty pleas to six charges of criminal cartel conduct. 
$1M security for costs ordered in Jabiru Satellite case against major banks
Allen & Overy 2022-09-08 1:06 pm By Cindy Cameronne Sydney
A judge has ordered Australian telecommunications companies Jabiru Satellite and NewSat to pay $1 million in security for costs in a lawsuit against eight major banks alleging they wrongfully withdrew financial support for Australia’s first independently owned satellite.