A judge has ordered Australia and New Zealand Banking Group to pay $10 million in penalties after finding that the bank engaged in unconscionable conduct and breached its obligations by slugging customers $3 million in periodic payment fees it was not entitled to charge.
The former communications chief for IOOF claims she was terminated after revealing she suffered from a mental disability and sought a less stressful role.
Payday lenders Cigno and BHF Solutions are facing enforcement action by the corporate regulator alleging they breached the credit laws by lending to hundreds of thousands of consumers with a licence and charging $78 million in fees.
A judge has scrapped a proposed video link sought by Slater and Gordon to be included in an opt out notice to group members in a class action over alleged junk insurance sold by Westpac, saying the video had the “flavour” of promoting the proceeding.
The corporate regulator has secured temporary restraining orders against a financial advisor who is accused of impersonating clients to obtain early release of their superannuation funds and pocket a substantial fee for the service.
The Morrison Government will ease responsible lending laws requiring banks to verify information from credit-seeking consumers, after the corporate regulator’s failed “wagyu and shiraz” case attacking Westpac’s lending practices.
Westpac has agreed to pay a whopping $1.3 billion civil penalty to resolve AUSTRAC enforcement action over the bank’s 23 million breaches of money laundering and counter-terrorism laws.
An appeals court has set aside an order requiring Alex Elliott, the son of the funder behind the Banksia securities class action, to give a “full and frank” explanation of his role in an alleged fraudulent scheme to inflate legal fees in the case.
The director of the beleaguered Mayfair investment group, who has been self-represented in winding up proceedings by ASIC, has now entered into a late stage retainer with law firm Ashurst, with his barrister saying he could no longer manage the case on his own after the regulator filed a lengthy affidavit.
A former general counsel of AMP who claims she was sacked from the wralth management firm after raising concerns about its fees for no services conduct is looking to strike out defence claims that she “frequently and openly disparaged” the company’s board, as well as claims that she was being performance managed.