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Westpac slams ASIC for ’19th century approach’ to home loans
Financial Services 2019-05-06 8:35 pm By Miklos Bolza Sydney
Banking giant Westpac has criticised the Australian Securities and Investments Commission's old fashioned approach to home loan serviceability, saying its own complex system is more efficient and would "pass muster" in the face of the regulator's allegations that it breached responsible lending laws.
ASIC pares claims against Westpac on eve of trial
Competition & Consumer Protection 2019-05-03 11:45 pm By Cat Fredenburgh Melbourne
The Australian Securities and Investments Commission has narrowed its case against Westpac ahead of a high-stakes trial over the bank's alleged violations of lending laws, striking claims that certain home loans were unsuitable for consumers.
Woolworths class action homes in on supermarket giant’s price perception problem
Bernard Quinn 2019-05-03 9:06 pm By Christine Caulfield Melbourne
Woolworths' knowledge of its poor performance on price perception among shoppers in 2014 is at the centre of a $100 million shareholder class action against the retailer, a court heard Friday.
ASIC to face off against Westpac after judge ripped up $35M settlement deal
Class Actions 2019-05-02 9:22 pm By Cat Fredenburgh Melbourne
The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court's rejection of what would have been a record $35 million penalty for breaching the country's lending laws.
IOOF chair told APRA conflicts of interest were ‘a bit of a non-event’
Arnold Bloch Leibler 2019-04-30 5:42 pm By Christine Caulfield Sydney
The former chairman of troubled IOOF told APRA during a review meeting that he "struggled" to think the wealth manager had any conflicts of interest and that the issue was getting too much "airplay", according to court documents filed recently by the prudential regulator.
King & Wood Mallesons lands two dispute resolution hotshots
Consumer Goods 2019-04-26 11:42 pm By Christine Caulfield Melbourne
International law firm King & Wood Mallesons has nabbed two leading litigators to bolster the ranks of its dispute resolution practice, the firm said Friday.
Class action seeks emails, board notes from Woolworths execs
Class Actions 2019-04-24 12:49 pm By Cat Fredenburgh Melbourne
A shareholder class action against Woolworths related to its downward revision of a 2015 profit guidance is seeking emails and other documents from a slew of current and former company executives, including the grocery chain's former Chairman and CEO, who departed in the wake of disappointing financial results.
After drawing scrutiny from judge, toxic foam class action funding structure revealed
Class Actions 2019-04-23 10:41 pm By Christine Caulfield Melbourne
The sought-after commission at the centre of an unsuccessful common fund application in a class action over the use of toxic foam at a RAAF base near Katherine, NT has been revealed as 15% of any gross recovery in the case plus up to three and a half times the funder's costs.
Engineering firm acquired by WorleyParsons sued over $132M arbitration award
Arbitration 2019-04-17 3:47 pm By Cat Fredenburgh Melbourne
The operator of a Vietnamese mine has filed a lawsuit seeking to enforce a $132 million arbitration judgment against  engineering company Jacobs E&C, which was acquired by WorleyParsons in December.
Common fund bid in toxic foam class action dismissed after applicant bristles at more scrutiny
Class Actions 2019-04-12 11:36 pm By Christine Caulfield Melbourne
A judge has tossed an application for a common fund order in a class action over the use of toxic foam on a RAAF base near Katherine, NT after a barrister for the lead applicants said the bid would be withdrawn if the judge appointed an independent "contradictor" to scrutinise the proposed funding structure.