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Payday lenders Cigno and BHF have filed High Court challenges to a judgment which found they could not bypass lender obligations contained in the Credit Code, warning the judgment could subject buy now, pay later schemes to the Code.
Mastercard had a legitimate and pro-competitive reason for reaching agreements with major retailers to choose its network over Eftpos for debit card processing, a court was told Wednesday in the competition regulator's misuse of market power case against the financial services behemoth.
Law firm Sophie Grace has settled a lawsuit brought by collapsed forex broker Gallop International Group claiming its failure to ensure the company complied with its obligations as a holder of an Australian financial services licence led to $15.4 million in investor funds being loaned to the company's director in Hong Kong.
The settlement figure in a class action against a unit of Suncorp Group has been revealed as $33 million, and super members are set to share in the net sum of $14 million, or 42.5 per cent of the deal.
A judge has allowed receivers to sell the Dover Heights mansion of Sydney fraudster Melissa Caddick without any distribution of proceeds, saying the sale “should take place post-haste”.
PwC partners are facing "very serious" allegations that they had actual knowledge that a $30 million dividend payment to the director of now defunct tertiary education provider Cornerstone was unlawful.
Accounting firm Pitcher Partners wants to shut down a lawsuit brought by the Twigg family alleging it helped race car driver Max Twigg misappropriate $127.8 million in family trust money for himself.
Japanese bank SMBC has brought a $33.6M lawsuit against fintech Humm Group after its subsidiary Flexirent allegedly misled the bank about receivables under allegedly forged contracts between a Forum Group entity and Veolia Environmental Services.
Bill Papas' business partner Vince Tesoriero has won the release of $1.25 million to pay for his legal fees in Westpac’s fraud case against him, despite a judge’s finding that disclosure concerning his true financial position was “less than ideal” and included “staggering” discrepancies.
Accused Ponzi schemer Chris Marco has been hit with criminal charges after an investigation by the Australian Securities and Investments Commission found he defrauded $36.5 million from nine investors.