The Australian Securities and Investments Commission has banned the former managing director of collapsed financial services provider Theta Asset Management from providing financial services for four years, after a court hit the company with a $2 million penalty for issuing defective product disclosure statements for a property investment scheme targeting retirees.
A judge has granted OTC trader EuropeFX more time to file its defence to an 80-page statement of claim and over 2,000 pages of particulars filed by ASIC in its case accusing the company of knowingly exposing its Chinese customers to criminal charges.
Non-bank lender Liberty Financial has filed court proceedings seeking to block its manager of treasury from starting a new job at a rival lender for one year.
HWL Ebsworth has been ordered to hand over file notes to a former client and whistleblower suing ANZ for unfair dismissal, with a judge rejecting the law firm’s argument that the notes were created solely for the benefit of the junior solicitor taking them.
Superannuation provider Statewide Super has announced that it will not defend civil penalty proceedings brought by ASIC over an administrative error which resulted in around 12,500 fund members being charged for non-existent insurance.
A mid-trial settlement has been reached in a lawsuit brought by the liquidators of collapsed steel giant Arrium against 10 former company directors and officers for allegedly engaging in insolvent trading.
Westpac has been accused by the corporate regulator of insider trading before the $16 billion privatisation of electricity provider Ausgrid.
Victoria’s attorney-general has appointed star senior counsel for the banking royal commission, Rowena Orr QC, as the state’s highest legal adviser.
AUSTRAC has taken enforcement action against military lender Australian Military Bank after accusing the bank of violating anti-money laundering, counter-terrorism finance laws.
ASIC has won a $20 million judgment against derivative trader Forex CT for using “unfair” sales tactics and misleading clients into making trades from which the company would benefit even when they had informed their adviser they had limited financial resources.