A Federal Court judge on Thursday approved a "very disappointing" $120 million settlement in a class action alleging AMP overcharged superannuation customers for administration fees, while cutting the proposed percentage awarded to the plaintiffs' law firms and litigation funders.
A Federal Court judge on Thursday approved a "very disappointing" $120 million settlement in a class action alleging AMP overcharged superannuation customers for administration fees, while cutting the proposed percentage awarded to the plaintiffs' law firms and litigation funders.
The Federal Government on Thursday announced plans for a new criminal offence for large companies that fail to stop modern slavery in their supply chains, as well as new civil penalties and enforcement powers for non-compliance with existing modern slavery laws.
Treasurer Jim Chalmers told financial regulators ASIC and APRA to place a greater emphasis on supporting economic growth, as the government seeks to cut regulatory burden, in new statements of expectations released on Thursday.
Fintech payments provider Bolt Group lost a bid to stop its clearing system provider from suspending its services in the Federal Court in Sydney on Thursday, after the provider raised concerns about the risk of financial crime going undetected in the fintech's systems.
Perpetual has received a new, higher $2.5 billion takeover bid from private equity firm EQT's Windflower, the asset manager said on Wednesday, after rejecting an earlier $2.45 billion offer as inadequate.
