AMP has set aside $50 million in its financial statement for the first half of 2023 to cover potential liability in a class action won last month by financial advisers over the wealth manager’s buyer of last resort policy.
The Australian Securities and Investments Commission has brought legal action against debt management business Solve My Debt Now and its director, alleging customers were usually left in greater debt after using its services.
A class action brought on behalf of sovereign bond investors over the disclosure of climate change risks has settled with the government on terms that don’t preclude further proceedings, a court has heard.
A judge asked to approve a $50 million settlement in a consumer credit insurance class action against the Commonwealth Bank has questioned a $2.5 million deduction for professional services firm Deloitte.
The ACCC has rejected ANZ’s $4.9 billion acquisition of Queensland-based Suncorp, setting up a likely challenge before the Australian Competition Tribunal.
ASIC is seeking penalties against Dixon Advisory & Superannuation Services director Paul Ryan for allegedly failing to consider clients when executing a deed that affected the financial advice firm’s ability to recoup a $19 million debt from its holding company.
The Australian Securities and Investments Commission has filed its first action alleging breach of obligations in designing and selling financial products, accusing online investment platform eToro of inappropriately exposing clients to high risk CFDs.
ANZ’s $47 million settlement of a class action over its consumer credit insurance has been given the nod by a judge, who has also approved recovery of the cost of after-the-event insurance held by the law firm running the case.
The judge overseeing the receivership of Melissa Caddick’s estate has pushed off a dispute about a collection of sneakers held by the deceased fraudster’s teenaged son, including one pair that could be worth up to $12,000.
An investment manager has been arrested and charged with providing prospective investors with forged portfolio reports.