A judge has hit Westpac with a $1.5 million penalty for misleading 141 customers into believing they had purchased add-on insurance.
A Citigroup customer has hit the bank with a lawsuit alleging it gave her conflicted financial advice to invest most of her savings in “risky” products, despite being an inexperienced investor with limited funds.
The directors of mortgage aggregator Connective Services have been hit with indemnity costs for their “outrageous conduct” in pursuing litigation against a company shareholder, including giving false statements and destroying evidence.
Continuing a recent trend in class actions, a judge will appoint a referee to weigh in on Maurice Blackburn’s costs in a $56.3 million settlement in a class action against Colonial First State, but has so far declined to appoint a contradictor.
The former general counsel of UK-based transit payment service provider Littlepay has lost her bid to access the firm’s financial statements ahead of mediation in a lawsuit alleging she faced discrimination and bullying when she returned to work after the birth of twins.
Lawyer and wealth guru Dominique Grubisa has been banned from providing financial services and engaging in credit activity for four years, after ASIC found she embellished her qualifications and encouraged students to improperly use Family Court listings to identify investment opportunities.
The corporate regulator has filed court proceedings against Macquarie Bank alleging it failed to monitor third-party withdrawals, leading to a financial adviser’s theft of $2.9 million in customer funds.
Collapsed supply chain finance company Greensill Capital has been accused of fraudulently obtaining policies from its largest insurer, Japan-based Tokio Marine, which has been dragged into four lawsuits over a trade credit policy issued in 2019.
Five major banks including JPMorgan, Citibank and UBS have denied all wrongdoing in a class action accusing them of entering a cartel agreement to rig foreign exchange rates and argue the claims were brought out of time or are barred by settlements in overseas proceedings.
Westpac has agreed to pay $1.5 million to settle proceedings brought by ASIC for misleading 141 customers into believing they had purchased add-on insurance.