IOOF unit RI Advice has lost its bid to strike out ASIC’s novel case claiming it failed to protect its clients against cybersecurity risks, but a judge has chastised the regulator for causing “needless confusion” and “wasted time”.
The Commonwealth Bank has resolved a case brought by former head of governance and company secretary Kara Nicholls, who resigned from the bank on Tuesday as part of a settlement of her claims that the governance team was overworked and under-staffed.
Westpac will serve court documents, including a motion for contempt, on Forum founder Bill Papas by text message after securing a Greek mobile number for the absent accused fraudster, as the judge overseeing the bank’s case pulled up Papas’ former lawyer for treating his courtroom like a “suburban golf club”.
A judge has told a Colonial First State Investments unit to provide information about its financial position to the lead applicant in a class action and criticised the company for failing to disclose that it had transferred its liabilities after the class action was launched.
AMP has flagged a potential stay of a lawsuit filed by a Sydney-based financial planner against that overlaps with a class action brought by advisors alleging they suffered financial losses from changes in the company’s buyer of last resort policy.
Financial services provider AMP has hit back at ASIC’s civil penalty action alleging it charged super members fees for no service, saying it was not involved in its licensees’ contraventions.
Westpac wants Forum Finance founder Bill Papas held in contempt of court, but the bank has hit a snag in serving its motion on the missing Papas, saying he dropped his lawyers without telling them the address of his current residence in Greece.
A $78 million class action against National Australia Bank and Walton Construction seeking compensation for sub-contractors after the company’s collapse has halted as lawyers scramble to comply with the managed investment scheme requirements for funded class actions implemented by the Morrison government.
The founder of embattled investment group Mayfair 101, James Mawhinney, has said he received legal advice approving the company’s advertising of financial products that a court has found misled investors.
The New Zealand arms of ANZ and the Commonwealth Bank have been hit with a multimillion dollar class action alleging they have failed to repay fees and interest wrongly charged to 150,000 customers who took out home or personal loans with the banks.