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Showing 31 - 40 of 2243 results for "Court"

ASIC sues HSBC Australia over $23m scam losses

MATTHEW WAI  |  MONDAY, 16 DEC 2024
ASIC has launched legal proceedings against HSBC Bank Australia in the Federal Court, alleging the latter failed to "adequately protect customers", resulting in losses of about $23 million through nearly 1000 unauthorised transactions. ASIC said the ...

Crypto operator to fork out millions after court ruling

ANDREW MCKEAN  |  FRIDAY, 13 DEC 2024
... repaid in either digital assets like bitcoin or national currencies, without a target market determination (TMD). The Federal Court, however, found that the product was a credit facility and therefore required a TMD, meaning each time it was offered ...

Dexus terminates Core Property Fund

JAMIE WILLIAMSON  |  WEDNESDAY, 11 DEC 2024
... its Regional Property Fund following the sale of its assets to RF Corval earlier this year. Also last month, the Supreme Court of NSW ruled that Cbus and UniSuper, the co-owners of Macquarie Centre, one of the Dexus Wholesale Shopping Centre Fund's ...

Settlement reached in Caddick class action

ELIZA BAVIN  |  MONDAY, 9 DEC 2024
A settlement has been reached in the class action filed in the Federal Court against auditors for SMSFs run by Melissa Caddick. The class action - led by Melbourne-based law firm Mackay Chapman - was filed on behalf of 21 original group members. Just ...

MLC trustees to pay $65m in MySuper class action settlement

JAMIE WILLIAMSON  |  FRIDAY, 6 DEC 2024
... fees and commissions to financial advisers that would have been banned in a MySuper option. In December 2020, the Supreme Court of Victoria ruled the case invalid saying prospective losses are not considered a loss under s 55(3) of the SIS Act. The case ...

'But for' compensation methodology unfair: FAAA

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
The methodology used to calculate compensation for victims of bad financial advice appears to factor in 'opportunity costs' and has drawn the ire of advisers, calling it "unfair" and "unsustainable" for the industry. The "but for" methodology ...

Regulators warn of possible issues with FAR reporting

ELIZA BAVIN  |  THURSDAY, 28 NOV 2024
APRA deputy chair Margaret Cole and ASIC deputy chair Sarah Court have sent a letter to superannuation trustees reminding them of their obligations under the Financial Accountability Regime (FAR) before it takes effect next year. The FAR commenced for ...

Illegal investment scheme operator to pay $1.25m

ELIZA BAVIN  |  THURSDAY, 28 NOV 2024
The Federal Court has ordered Sasha Hopkins to pay $1.25 million and be disqualified for four years, in proceedings brought by ASIC. The court also ordered that The A Team Property Group, five of the investment schemes and associated companies be wound ...

BlackRock, State Street, Vanguard sued over climate stance

JAMIE WILLIAMSON  |  THURSDAY, 28 NOV 2024
... caused reduced coal production and higher energy prices. Texas Attorney General Ken Paxton filed a case with the Federal Court in Tyler, Texas, claiming the institutions "conspired to artificially constrict the market for coal through anticompetitive ...

AustralianSuper to pay $4.2m for delayed claims handling

ELIZA BAVIN  |  THURSDAY, 21 NOV 2024
... support affected beneficiaries. This comes after ASIC launched proceedings against Cbus just this month for the same issue. Court documents filed by ASIC alleged Cbus members were impacted by delays to death and TPD claims processing, some waiting more ...