Financial Services AU
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September 21, 2026
Netwealth Faces Class Action Threat Over First Guardian
Netwealth says it is facing a potential class action over allegations that its superannuation and investment subsidiaries breached their duties when offering investments in the now-collapsed First Guardian fund, citing a legal letter sent by a proposed representative plaintiff.
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September 21, 2026
ASIC Sues Ex-Super Retail CEO On Hidden Exec Relationship
ASIC is suing former Super Retail Group chief executive Anthony Heraghty for allegedly breaching his directors' duties after failing to disclose and manage conflicts of interest from an "alleged undisclosed relationship" with the former chief human resources officer.
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September 21, 2026
IAG Denies Deal Finalised In $3B Credit Suisse Greensill Fight
Insurance Australia Group Ltd has denied reaching a settlement with Credit Suisse over the UBS-owned bank's case seeking to enforce billions of dollars in trade insurance policies covering losses from the collapse of UK supply-chain finance firm Greensill Capital, days before the Federal Court of Australia was set to hear it.
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September 21, 2026
Perpetual Rejects EQT's $2.6B Fourth Bid, Ends Buyout Talks
Asset manager Perpetual has rejected a fourth takeover offer by private equity firm EQT for $2.6 billion as insufficient and said its engagement with EQT over a potential buyout has ended.
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September 18, 2026
Federal Judge Costs Order Ends 'Crescent' Trademark Dispute
The Federal Court has rejected Crescent Capital Partners' bid to appeal costs owed to Salaam Wealth after the private equity firm dropped its trademark case following Salaam's 2024 rebrand, ending a dispute that spanned more than a decade.
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September 18, 2026
Fed Court Clears $2.3M SMSF Transfers, Orders Wind-Up
The Federal Court has approved the winding up of the McLennan Holdings self-managed super fund after its receiver found that $2.3 million in withdrawals and transfers by two retired members caused no loss to the fund and did not breach superannuation law.
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September 18, 2026
BDO Resists Keystone Liquidators' Bid For Shield Audit Docs
BDO, auditor of the now-collapsed Shield Master Fund, has continued to resist a scheme proposed by liquidators for access to documents on BDO's audit procedures, telling a Federal Court registrar on Friday that the documents were commercially sensitive and that the liquidators' proposed access controls weren't clear or comprehensive enough.
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September 18, 2026
Former High Court Judge William Gummow Dies Aged 83
Former High Court of Australia Justice William Gummow who ruled on the landmark Wik case and taught law at the University of Sydney and ANU, has died at the age of 83, the court has announced.
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September 18, 2026
ASIC Wins Freeze on $19M Resort Scheme, CEO's Assets
A Federal Court judge has frozen the assets of Star Investment Group and its CEO Ijaz Ahmad and barred him from leaving Australia if he returns from Pakistan, amid ASIC concerns investors were misled into a $19 million-plus unregistered Victorian resort investment scheme that used potentially misleading promotional material, and is likely insolvent with money raised sent overseas.
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September 18, 2026
ANZ Beats Ex-Trader's Whistleblower, Adverse Action Claims
The Federal Court of Australia has tossed out former star trader Etienne Alexiou's adverse action and whistleblower case against his former employer ANZ, finding only that the bank breached his contract in clawing back deferred equity.
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September 17, 2026
NSW Chief Justice Warns Of 'New Legal Problems' From AI
The Chief Justice of New South Wales has warned that generative artificial intelligence will create "new legal problems and issues for lawyers," including liability for damage caused by the technology and increased regulation.
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September 17, 2026
KPMG Faulted For 'Overly Legalistic' Whistleblower Response
KPMG Australia took an "overly legalistic" approach to the whistleblower, failed to support them and placed too much emphasis on workplace grievances rather than the ethical issues, according to a review by strategic consulting firm The Andrews Group commissioned by KPMG and released on Thursday.
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September 17, 2026
Macquarie Hit With Gordon-Led Class Action Over Shield Collapse
Macquarie will face a class action alleging it failed to compensate customers for losses stemming from the Shield superannuation fund collapse, after proceedings were lodged in the Supreme Court of Victoria on Thursday.
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September 17, 2026
Law Council Backs Reform Of Practical Legal Training
The Law Council of Australia has backed reforms to practical legal training's "design, delivery and regulation" to better prepare graduates for modern legal practice, including embedding more practical skills and improving workplace training, ahead of a national conference examining potential reform models in November.
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September 17, 2026
AIG Not On Hook For 'Double Insurance' On Allianz Payout
A Federal Court judge on Thursday ruled AIG Australia did not owe Allianz Australia indemnity for a nearly $1.7 million workplace injury payout, saying a related AIG policy, although "poorly drafted," was not meant to cover a loss already covered by another insurance policy.
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September 17, 2026
Pengana, WAM Settle Court Clash Over PIA Buyback Conflicts
Rival Australian fund management firms Pengana Capital and WAM Global have settled their Supreme Court of NSW court fight mid-trial over the former's subsidiary Pengana International Equities Limited (PIA) and an alleged conflict of interest in a buyback scheme involving PIA's board and WAM's founder Geoff Wilson.
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September 17, 2026
ACCC Agrees To Trial Of Multi-Bank Fee-Free Regional ATMs
The ACCC has approved a three-year trial of multi-bank fee-free ATMs in up to 20 underserved regional and remote communities to support access to cash, which still accounts for around 15 percent of transactions, in a determination on Wednesday.
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September 17, 2026
ASIC Extends Financial Markets Standards Pact To 2029
ASIC has extended its cooperation agreement for a second time with the Financial Markets Standards Board for three years to September 2029, allowing the regulator to continue providing feedback on FMSB standards and guidance before they are finalised.
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September 16, 2026
Plus500 Fails To Stop Class Action On Void Arbitration Clause
The Full Court of the Federal Court of Australia has dismissed an appeal by online trading platform Plus500 and upheld the refusal to stay a consumer class action with the court holding that an arbitration clause was an unfair contract term and therefore void.
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September 16, 2026
CommSec Wins $75k Costs From Persistent Plaintiff
A New South Wales Supreme Court judge on Wednesday granted CommSec a $75,000 indemnity costs order against a self-represented litigant, saying he wrongly pushed ahead with a creditor's claim over the cancellation of his trading account despite previous unsuccessful lawsuits in Queensland, the ACT and before the NSW Supreme Court and repeat warnings his case was lacking.
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September 16, 2026
Justice Rowena Orr To Lead Victorian Court of Appeal
Victorian Court of Appeal Justice Rowena Orr, known for her role as senior counsel in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry where her performance earned her the nickname 'Shock and Orr', has been appointed as the court's new President.
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September 16, 2026
Ex-Keystone's Chiodo Files $200M Construction Fraud Suit
Paul Chiodo, the embattled former Keystone director, launched a lawsuit by his property development firm seeking more than $200 million from construction company City Built, its director Robert Filippini, family members of Filippini and three related businesses over an alleged years-long scheme of falsified and inflated invoices from subcontractor and suppliers with money allegedly off-loaded to family members to buy luxury cars and property.
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September 16, 2026
RAMS Strikes Deal To End Ex-Franchisee Class Action
Former Westpac subsidiary RAMS Financial Group has reached an in-principle settlement in its class action suit brought by ex-franchisees in the Federal Court of Australia in Sydney.
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September 15, 2026
Super Investors Lash 'Concerning' ASX Board Gender Target
The Australian Council of Superannuation Investors has called the Australian Securities Exchange's draft corporate governance plan, which targets 30% female board representation, as insufficient and "concerning."
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September 15, 2026
'Cautious Letting In' Of Women To Bar Persists, Justice Says
A High Court of Australia Justice has said that the "cautious letting in" of women persists at the bar as she called for greater diversity in the legal profession.