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Showing 21 - 30 of 611 results for %22High Court%22

Federal Court approves BT Super $30m settlement

KARREN VERGARA  |  TUESDAY, 12 DEC 2023
The Federal Court approved the $29.95 million class action settlement against Westpac after subsidiaries BT Funds Management (BTFM) and Westpac Life Insurance Services (WLIS) allegedly failed to manage conflicts of interest when investing BT Super member ...

ASIC curbs high-risk offers from online trading providers

ANDREW MCKEAN  |  WEDNESDAY, 6 DEC 2023
ASIC has identified a trend among some online trading providers, presenting high-risk investment opportunities to retail investors, a shift emerging amid the fluctuating market conditions and the decline in retail trading activity post-pandemic. In ...

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 ...

AFCA secures $1.2bn in refunds

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
... of disputes to AFCA," he noted. Locke concluded that AFCA continued to be a cheaper and more efficient alternative to a court process for both firms and consumers.

Government consults on reforms to merger rules

CASSANDRA BALDINI  |  MONDAY, 20 NOV 2023
The government has kicked off its consultation on merger rules and processes to improve competition and productivity while lowering costs to ensure better outcomes for Aussies. According to the government's Merger Reform consultation paper, Australia's ...

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 ...

Sterling Income Trust executives charged

CHLOE WALKER  |  MONDAY, 6 NOV 2023
... their long-term lease and that they would not be asked to make any other payments towards rent. "This was both novel and high-risk," ASIC said. When Sterling Group collapsed in 2019, people were unable to pay their rent, and many found themselves homeless. ...

Piper Alderman investigates second CFD class action

CHLOE WALKER  |  WEDNESDAY, 25 OCT 2023
... hundreds of millions. While CFDs are legal in Australia, they have been banned in many other countries, with the Federal Court of Australia describing these products as "financial heroin hits". In March 2021, ASIC imposed strict new conditions on CFDs ...

ASIC cracks down on 11 SMSF auditors

ANDREW MCKEAN  |  WEDNESDAY, 11 OCT 2023
... have a critical role in upholding the integrity of the SMSF sector through annual audits," said ASIC deputy chair Sarah Court. Court highlighted that auditors are responsible for overseeing 610,000 SMSFs, holding a combined total of more than $875 billion ...

AMP shareholder class action settlement slashed

KARREN VERGARA  |  MONDAY, 9 OCT 2023
... 13 April 2018 (inclusive). AMP settled the class action without admitting liability. In March 2017, AMP shares reached as high as $5.47 and drastically hit $2.45 at the end 2018.