A year after Commissioner Kenneth Hayne released his scathing report, companies in the financial services sector are still facing fresh class actions over conduct aired at the banking royal commission, and the pace has even picked up in recent months.
Two National Australia Bank units have been hit with a class action alleging they violated their duties as superannuation trustees by allegedly failing to transfer members to funds with lower fees.
National Australia Bank will be hit this year with an estimated $750 million in fines stemming from its fees for no service conduct and potential breaches of money laundering laws, analysts have predicted.
A judge overseeing a consolidated class action against four AMP subsidiaries and two trustees over allegedly excessive superannuation fees has ordered the respondents to coordinate after the lead applicants raised concerns about duplication of work.
The judge overseeing a conflicted remuneration class action against Suncorp has allowed the class to bring an unconscionable conduct claim, but put the kibosh on the plaintiff’s use of the phrase ‘inter alia,’ saying “only I get to use Latin”.
German cladding manufacturer 3A Composites has again threatened to call for the de-classing of a class action brought over allegedly combustible cladding, slamming the case against it as “simply shambolic” and the conduct of the applicant as “utterly irresponsible”.
The National Australia Bank faces the prospect of “significant monetary penalties” after self-reporting a potentially large number of money laundering and counter terrorism financing breaches to AUSTRAC and its overseas counterparts.
A hearing scheduled for next year in the Australian Securities and Investments Commission’s case against two NAB wealth management units will focus solely on how steep a penalty the bank should face after it made admissions about its fees for no service conduct.
The Suncorp Group unit and directors at the centre of a class action over allegedly conflicted remuneration have slammed the case as “misconceived” and argue it was not validly commenced.
A former HWL Ebsworth special counsel has appealed a ruling that tossed his unlawful dismissal case against the firm as “trivial” and “wholly unrealistic”.