Colonial First State will pay $56.3 million to settle a class action that accused the wealth management group of delaying the transfer of $3.2 billion in customer funds to low cost MySuper accounts.
Two directors of mortgage aggregator Connective engaged in oppressive conduct towards a minority shareholder and Macquarie Bank was a “knowing participant” when it acquired $5 million worth of shares in the company, the NSW Supreme Court has found.
Wealth manager MLC Limited has admitted to violating the Corporations Act by failing to send overdue notices to policyholders over a 15-year period, but will defend the bulk of ASIC’s claims in proceedings accusing it of causing $17.5 million in harm to over a quarter of a million consumers.
Commenting on the unprecedented nature of the case against her client — the so-called postbox solicitor in the Banksia Securities class action — a senior barrister has told a court of her shock at the conduct of her former colleague at the bar, Norman O’Bryan, who acted as lead counsel in the scandal-ridden litigation.
The former head of money markets at the Australian and New Zealand Banking Group has sued his former employer claiming he was sacked for making complaints about sexual harassment by senior managers at the bank and false reporting to the prudential regulator.
A Federal Court judgment has laid out when a responsible entity of a managed investment scheme will be indemnified for its operating costs and when it can recoup legal costs in defending lawsuits brought over trust property.
Global law firm Ashurst has snagged a Thomson Geer partner to launch a superannuation practice offering end-to-end legal and consulting solutions for financial services clients in the $3.3 trillion sector.
Insurance Australia Group agent Bond & Credit Company owes damages for misleading representations to Greensill Capital if the insurer was not authorised to enter into a trade credit policy at the centre of four lawsuits over the collapse of the financial services firm, a court has been told.
The founder of whitegoods distributor Kleenmaid, who won a retrial after being sentenced to nine years for fraud and insolvent trading, will not spend any more time in jail after being resentenced by a judge who called him “a man of greed”.
The consumer regulator has initiated court proceedings alleging Facebook technology allowed scam cryptocurrency ads featuring celebrities to target susceptible users and that the social media giant failed to take adequate steps to remove them.