Aware Finance, formerly StatePlus, has been fined $20 million for charging over 25,000 customers approximately $50 million for services they did not receive.
In a boost to securities class actions, the High Court has ruled that directors of collapsed companies can be subjected to public examination by shareholders wanting to bring civil proceedings.
Rio Tinto will face a penalty in proceedings brought by the Australian Securities and Investments Commission alleging the mining giant misled shareholders about the resources of a Mozambique mining company it acquired for $5.8 billion in 2011 and later offloaded for $70 million.
A court has ordered the winding up of investment manager PE Capital Funds Management, whose responsible entity Endeavour Securities has connections to collapsed financial services company Linchpin Capital.
The Australian Securities and Investments Commission has dropped its investigation into Nuix’s financial statements in the lead-up to its 2020 public float, but will continue to probe the troubled tech company’s statements in the period since the initial public offering.
The corporate watchdog has been subpoenaed for its investigation files in the latest development in a protracted discovery fight in a shareholder class action over alleged misconduct by wealth manager IOOF.
The corporate regulator has confirmed it has questioned the brother of former Nuix CFO Stephen Doyle and might seek further examination as part of its ongoing investigation of the troubled tech company.
The former CEO of Blue Star Helium is challenging a ruling that slugged him with a $40,000 penalty and a four-year ban for failing to disclose to shareholders the identify of the buyer behind a botched sale of Texas oil assets.
The Australian Securities and Investments Commission is challenging a ruling that threw out half the criminal charges against direct bank Members Equity, arguing the statute of limitations doesn’t apply to serious corporate misconduct.
Embattled investment group Mayfair 101 is challenging a judge’s decision last month to slug it with a $30 million penalty for engaging in misleading and deceptive advertising.