SYDNEY – Australia is considering capping fees for litigation funders and lawyers, and guaranteeing a minimum rate of return for plaintiffs, in its latest clamp down on the industry following a surge in costly class action lawsuits. Australia’s government last …
Creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, voted on Thursday to liquidate the company, its administrator said, triggering deeper investigations into the conduct of its directors. Grant Thornton (GT), the liquidator appointed …
SYDNEY – Thirty-four creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, submitted over A$1.75 billion ($1.35 billion) in claims to the company, administrators said on Friday. About $1.15 billion of that was made …
Several Australian companies are reviewing or even terminating takeover deals by using a legal escape route because of the devastating impact of the coronavirus, a template that some lawyers expect to be replicated in other countries. Three listed companies this …
Australia’s largest wealth manager AMP Ltd said on Thursday it would sell its life insurance arm at a discount and revealed its funds were hemorrhaging cash as clients pulled out their money in response to revelations of systemic wrongdoing. Investors …
Australia’s life insurers will be required to publish customer dispute numbers every six months, top financial regulators said on Wednesday, as a misconduct inquiry threatens other reforms that could hurt industry profitability. For the first time, customers will be able …
An Australian unit of German insurer Allianz SE sold travel insurance that misleadingly promised unlimited emergency medical cover wherever people were even though the policies had limits on both cost and location, a misconduct inquiry heard on Monday. The Royal …
When Nick Wailes started as the head of Australia’s top-ranked business graduate school in February, he already had the idea of offering a course to address a shortfall of training in ethical leadership. A few weeks later, the country’s most …
Commonwealth Bank of Australia said it would hive off its wealth management and mortgage broking businesses, and explore whether to divest its general insurance arm, as it narrows its focus down to traditional lending. Australia’s biggest bank also unveiled a …
Australia’s competition watchdog on Monday supported massive increases in financial penalties for companies caught doing the wrong thing, after widespread misconduct was exposed by an ongoing inquiry into the financial sector. Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims …
