The Australian Securities and Investments Commission has cancelled the licence of embattled former accountant Vanda Gould.
The Commonwealth Bank’s wealth management unit has agreed to cough up $20 million in penalties for misleading thousands of fund members during the transition to MySuper accounts, but steadfastly maintains its conduct was not part of a “nefarious” plot for profits.
A former financial planner found to have engaged in a data breach at National Australia Bank will have her adverse action lawsuit against the bank partially reheard after an appeals court found the judge who tossed the case failed to properly consider why she was fired.
Lawyers running the scandal-ridden Banksia class action have been struck from the roll of practitioners, will face criminal investigation and must pay group members $11.7 million in damages.
The Australian Securities and Investments Commission has launched court proceedings against superannuation trustee Diversa for allegedly failing to take appropriate action in response to a financial advisor who was under investigation.
The Fair Work Ombudsman has taken the Commonwealth Bank of Australia and CommSec to court for allegedly knowingly underpaying almost 7,500 employees over $16.4 million through the use of individual agreements.
A climate change activist can continue her lawsuit alleging the federal government failed to disclose the impact of climate change to investors in sovereign bonds, with a court rejecting the Commonwealth’s strike-out application.
A judge overseeing a cartel case over a $2.5 billion ANZ share placement has granted ANZ’s bid for unredacted documents which the bank says will support its claims that the case should be permanently stayed because of improper dealings between whistleblower JPMorgan, ASIC and the ACCC.
It has been described as the darkest chapter in Victoria’s legal history, an exemplar of all that is terrible with class actions in Australia. A case of greedy lawyers who found their golden egg in a group of retirees who had lost their life savings, never thinking the chickens might come home to roost. Until now.
Dick Smith’s former CFO will appeal a $43 million judgment in favour of National Australia Bank over his role in the retailer’s collapse.