Commonwealth Bank of Australia has copped a record $3.55 million penalty for breaching spam laws after it sent more than 65 million emails without an easy way for individuals to unsubscribe.
NAB has told a court it should pay a $2 million penalty — not the $10 million proposed by ASIC — for engaging in unconscionable conduct by overcharging customers, saying the exact words used in the regulator’s concise statement accuse it only of a single contravention.
Dell Australia has apologised to consumers and admitted misleading those who purchased add-on computer monitors by inflating the pre-discount price, sometimes to more than the product’s normal retail value.
The parents of deceased fraudster Melissa Caddick will take $950,000 to move out of a multi-million dollar property in Sydney’s East, which will now be sold by receivers.
On the first day of trial in parallel class actions and regulatory proceedings, the Fair Work Ombudsman panned the payment systems adopted by Woolworths and Coles for salaried managers, saying they were “entirely foreign” to the industrial award and that the supermarket giants had “no meaningful proper records” for overtime.
ASIC has issued an interim stop order barring a Melbourne-based investment broker from opening trading accounts or dealing in contracts for difference or margin foreign exchange contracts to retail investors.
It was “fundamentally wrong” that AMP Financial Planning paid consultant PricewaterhouseCoopers significantly more to review a court-ordered remediation than was paid to customers who suffered loss after an adviser churned life insurance policies for higher commissions, a judge has said.
Payment giant Visa has lost an application for a patent covering a way to transfer assets between banks, with an IP Australia delegate saying the invention uses generic computer technology and is not patentable.
Bank of Queensland has been called out by two regulators over its compliance with anti-money laundering and counter-terrorism financing laws and its risk management practices.
A judge has urged the Fair Work Ombudsman to act quickly after it told the court it accidentally undervalued claimed underpayments in a case against the owner of Rebel Sport, the regulator’s first case against a holding company for alleged wrongdoing by its subsidiaries.