federal court

Policy & Regulation

Reviewing advice verging on “Python-eseque silly walk”

The Federal Court has imposed a new obligation on Australian Financial Services licensees to ensure they take ‘reasonable steps’ to stay in line....

Policy & Regulation

Slater & Gordon win AET class action

Plaintiff law firm, Slater and Gordon has secured a $28.5 million settlement out of its six-year class action against Australian Executor Trustees as the trustee for Prov...

Funds management

Folkestone, Charter Hall merger to go ahead

The Federal Court has approved the proposed scheme of arrangement under which Charter Hall Limited will acquire Folkestone....

Policy & Regulation

DomaCom judgment represents “milestone” for SMSFs

The Full Federal Court has handed down its judgment in the appeal by Aussiegolfa Pty Ltd, finding there was no breach of the sole purpose test. ...

Policy & Regulation

Fed Court decides on Allianz Metro contempt charges

The Federal Court has handed down its judgment on the contempt findings brought by ASIC against multiple defendants in proceedings concerning binary option trading websit...

Policy & Regulation

CBA faces another class action

The Commonwealth Bank (CBA) has been served with another class action, this one filed in the Federal Court by Phi Finney McDonald on behalf of shareholders from 2014 to 2...

Policy & Regulation

Fed Court approves CBA’s BBSW settlement

The Federal Court has approved the Commonwealth Bank’s $25 million settlement with the Australian Securities and Investments Commission regarding the Bank Bill Swap Rate....

Financial planning

Westpac offers thin response to ASIC charges

Westpac has responded to civil charges brought against it by the regulator for poor financial advice by saying that it had already identified and responded to the alleged...

Financial planning

ASIC cancels Wealth & Risk Management’s AFSL

The Australian Securities and Investments Commission has cancelled the Australian financial services licence of Wealth & Risk Management, following a court finding that t...

Financial planning

AMP to “vigorously defend” shareholders’ legal action

As an embattled AMP faces multiple legal actions, the company has said that it “intends to vigorously defend the proceedings” filed against it....

Financial planning

ASIC brings proceedings against NSW adviser

The Australian Securities and Investments Commission (ASIC) has commenced proceedings against financial adviser Graeme Walter Miller and his related businesses....

Financial planning

Federal Court orders wind up of illegal banking scheme

The Federal Court has ordered the wind up of an illegal investment scheme known as the VKK Investments Unit Trust and the trustee and operator of that scheme, Gem Managem...

Superannuation

ASIC predicts Superfunded’s bankruptcy with liquidator application

The Australian Securities and Investments Commission has applied to the Federal Court for the appointment of a liquidator to Superfunded, amid various allegations of misb...

Policy & Regulation

Federal Court orders over $7 million in fines

The Federal Court has slapped three companies with fines totalling $7,150,000, finding that they engaged in multiple contraventions of financial services and consumer pro...

Superannuation

ASIC granted injunctions against Superfunded

The Australian Securities and Investments Commission obtained interim injunctions from the Federal Court against Superfunded and its sole director and shareholder....