NAB is facing hundreds of civil charges and a potential fine above $500 million over a scheme that led to bankers, as well as tailors and gym owners, making millions in commissions from potentially dodgy home loans.
Australia may soon join Iceland, the only other country in the world to gaol top banking executives for misconduct. In delivering a scathing final report of the findings of the Royal Commission’s hearings into the finance industry,
Slater and Gordon (ASX: SGH) has taken aim at National Australia Bank (ASX: NAB) and MLC on behalf of customers who were allegedly sold worthless credit card insurance.
Criminal charges relating to an alleged cartel by Citigroup, Deutsche Bank and the ANZ have been formally laid. Senior executives at all three, including two former CEOs, also face criminal charges.
A massive class action lawsuit is being planned on behalf of “Australian bank customers that have entered into mortgage finance agreements with banks since 2012”.
IMF Bentham Limited is funding a shareholder class action against the Commonwealth Bank of Australia (ASX:CBA) (CBA) in respect of an alleged failure to keep shareholders properly informed regarding its non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) during the period from 1 July 2015 to 3 August 2017 (inclusive) (Relevant Period).
Lawyers, if you can afford one, will advise you have no hope of winning against the Big Banks. They say a Banks resources are more bottomless than your conviction. Almost all tell you to forget it, go bankrupt and move on with your life.
It's being billed as the largest shareholder class action in Australian history. It remains to be seen whether this boast comes to pass but the class action litigation against the Commonwealth Bank will certainly involve a lot of shareholders.
The term, “A fair go!” is an informal expression somewhat unique to Australia and New Zealand. “It is used to implore or demand that someone act with more fairness or reason, or desist in something considered outrageous.”
Peter Mericka, of Melbourne firm Lawyers Conveyancing, specialises in property law and conveyancing. He often acts for clients who are applying for mortgages, but finds that a well-known national law firm retained by some banks places unreasonable demands on him.
