Canadian trader Daniel Schlaepfer has suffered a loss in his $10 million defamation case against ASIC, with an appeals court tossing the lawsuit despite finding the regulator defamed him and his firm by accusing them of unlawful market manipulation.
The founder of embattled investment group Mayfair 101, James Mawhinney, will argue that he should not be ordered to pay any penalty after the company was found to have misled investors about its financial products.
Payday lender Cigno has lost its appeal of a ruling which upheld ASIC’s first product intervention order banning the use of short-term lending models with “excessive” fees.
A fight is looming over a bid by S&P Global for a class action applicant to pay security for the legal costs of defending the litigation, with the applicant arguing it shouldn’t have to fork over anything.
US financial services giant State Street has appealed its loss in a lawsuit brought against Maurice Blackburn over the law firm’s use of a replica of the famous Fearless Girl statue.
Deloitte has agreed to settle a $3.8 million lawsuit brought by a partner that challenged the accounting firm’s mandatory retirement policy.
A court has dismissed ASIC’s enforcement action against payday lenders Cigno and BHF Solutions, finding the companies did not need a licence to issue loans to hundreds of thousands of consumers.
National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.
The self-represented lawyer behind a $1 billion class action against Facebook and Google over a cryptocurrency ad ban has said he will bring the first “no adverse costs” application to be heard by the Federal Court under the Competition and Consumer Act.
National Australia Bank has admitted in court it broke the law by charging fees it was not entitled to collect, but the bank and the corporate regulator are $25 million apart on what is an appropriate penalty.