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Showing 31 - 40 of 756 results for "Federal Court"

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members. According to court documents, the trustee made misleading representations about its right to continue charging fees ...

ASIC forced to pay James Mawhinney's legal costs

JAMIE WILLIAMSON  |  TUESDAY, 28 NOV 2023
... Mawhinney incurred during the regulator's failed attempt at bringing an expanded case against him. The order follows the Federal Court of Australia's decision last month to reject ASIC's attempts, which included additional allegations outside the scope ...

Mercer fined $12m over advice failures

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
Mercer Financial Advice will pay $12 million after the Federal Court found it failed to meet some disclosure obligations and charged almost $5 million in fees to clients when it was not entitled to do so. Mercer admitted that, between July 2016 and ...

AMP to pay $100m to settle BOLR class action

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
... including where no judgement has been made. It is not an admission of liability and is still subject to approval by the Federal Court, it said. Speaking to Financial Standard, AMP group executive, advice Matt Lawler said that was also the objective for ...

Perth Mint enters voluntary enforceable undertaking

CASSANDRA BALDINI  |  THURSDAY, 23 NOV 2023
... to enforce the EU or cancelling it and taking other action, including commencing civil penalty proceedings in the Federal Court. AUSTRAC believes the EU will ensure that Gold Corporation addresses the AML/CTF deficiencies through its remediation program. ...

E&P settles class action for $16m

KARREN VERGARA  |  WEDNESDAY, 15 NOV 2023
... interest in such practices. "The settlement is without admission of liability and is subject to the approval of the Federal Court of Australia," Shine said. "Shine Lawyers, E&P and other respondents have agreed to a settlement payment of no less than ...

ASIC to crack down on superannuation misconduct

ANDREW MCKEAN  |  WEDNESDAY, 15 NOV 2023
... against Vanguard Investments Australia and Active Super. In July, ASIC brought forth civil penalty proceedings in the Federal Court against Vanguard. ASIC alleges that the investment manager issued "false and misleading statements", misrepresenting its ...

Westpac reports $7.2bn profit

KARREN VERGARA  |  MONDAY, 6 NOV 2023
... seven-year period. Westpac blames it on "technology failure". ASIC has commenced civil penalty proceedings in the Federal Court, alleging that it failed to respond to hardship notices within 21 days as required by law. The bank has $547 billion in home ...

Dispute resolution failures land TelstraSuper in Federal Court

KARREN VERGARA  |  MONDAY, 6 NOV 2023
The corporate regulator is taking TelstraSuper to the Federal Court for allegedly failing to comply with internal dispute resolution requirements. ASIC alleges that 40% of the corporate superannuation fund's responses to complainants during a specific ...

Caddick victims sue auditors in class action

KARREN VERGARA  |  MONDAY, 30 OCT 2023
... pick up that the assets Caddick invested never existed when reviewing the annual financial reports. Filed in the Federal Court of Australia in Sydney on October 27, the litigants allege that the auditors engaged in breach of contract, negligence, and ...