A judge has ordered ASIC to flesh out its case accusing the Retail Employees Superannuation of misleading members about their ability to move their super out of the REST Trust, given the “significant” allegations that a deliberate system was behind the superannuation trustee’s alleged misconduct.
The Commonwealth of Australia is seeking to remove all references to representative proceedings from a class action pleading that alleges the government failed to disclose the impacts of climate change to investors in sovereign bonds.
Maurice Blackburn has brought a second class action against two NAB units over $6.3 billion in super funds, after the law firm’s first attempt was shut down by a state court as invalid.
The corporate cop has launched action against banking giant Westpac for allegedly selling worthless add-on credit card insurance to unwitting customers, the first of what could be a series of cases against banks in the wake of a remediation program that has returned $250 million to hundreds of thousands of account holders with 11 major lenders.
Deloitte is seeking to set aside a subpoena for documents recording chats with partners about retirement after they turned 62, in a closely watched age discrimination lawsuit challenging the accounting firm’s mandatory retirement policy.
A judge has slugged the Commonwealth Bank of Australia with a $7 million fine in proceedings brought by ASIC for excessive interest charged to thousands of overdraft customers, but noted the penalty amounted to profits from just six hours of operation for the Big Four bank.
The prosecution in a criminal cartel case against several banks and high-ranking executives over a $2.5 billion ANZ share placement has fought back against accusations that its indictment is “fundamentally flawed” and should be quashed.
The Australian Securities and Investments Commission has taken the Commonwealth Bank of Australia to court for slapping nearly 1 million customers with unauthorised monthly access fees totaling $55 million over a nine-year period.
The former CEO of Hendry Group who claims the business consultancy suspended her after she complained of bullying and sex harassment has lashed out at the company’s claims that she was let go for misconduct, saying she only became aware of the allegations against her through board meeting minutes.
A judge has allowed a German bank owned by Greensill Capital, which owes creditors over $1.75 billion, to temporarily avoid seizure of its assets as the bank seeks to have its German insolvency proceedings recognised in Australia.