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A senior ACCC officer has been grilled on whether staff training on criminal cartel investigations was “inadequate” while the competition regulator ran a cartel probe into ANZ’s $2.5 billion share placement in 2016.
The Australia and New Zealand Banking Group has agreed to pay a $25 million penalty to resolve proceedings by the Australian Securities and Investments Commission alleging the bank short-changed hundreds of thousands of customers to the tune of $200 million.
A former ANZ trader who alleges he was sacked for complaining about the bank's manipulation of the bank bill swap rate has lost his bid to view lawyers' notes taken during meetings over ASIC's investigation into the bank's conduct.
Former Commonwealth Bank subsidiary Avanteos Investments Limited pleaded guilty on Wednesday to charging up to $700,000 in fees to hundreds of deceased superannuation fund members.
The Finance Sector Union is preparing a lawsuit against the National Australia Bank, claiming the bank has pressured its employees to work “unreasonable” hours and underpaid its staff.
Former Linchpin Capital director Peter Eugene Daly has come up short in his second bid to stay his appeal of a ruling that banned him from providing financial services for five years in light of separate proceedings brought by ASIC.
The litigation funder behind a fraudulent scheme in a class action over Banksia Securities has entered administration with negligible assets to its name.
The former chief financial officer of beleaguered Forum Group has been dragged into a lawsuit by Westpac seeking to recoup $294 million in funds paid into an alleged fraudulent scheme.
A judge has said if he sides with a former ANZ trader in a privilege dispute with the bank over file notes from 2014 meetings over ASIC's bank bill swap rate investigations it would create a "whole world of pain" for solicitors claiming privilege over their notes in other cases.
The ACCC has been accused of running a "experimental test case" that tries to fit the shares market within the scope of the Competition and Consumer Act with its criminal cartel case against Citigroup, Deutsche Bank and several prominent banking executives over a $2.5 billion ANZ share placement.