The Bulletin
Business Growth
.

Business News

Court throws out ASIC's $22m case against Commonwealth Bank




The corporate watchdog has failed in its $22 million civil action against Commonwealth Bank of Australia, with the Federal Court today dismissing claims that the banking giant had wronged its customers who had signed up to one of its superannuation products.

The Daily Mail website reported in a rebuke for the arguments put forward by ASIC, Federal Court Justice Stewart Anderson says the corporate regulator put ‘form’ ahead of ‘substance’ to prove its case which had stemmed from the banking royal commission that concluded in 2019.

The website said in handing down his judgment today, Anderson said ASIC failed to establish that CBA had received ‘conflicted remuneration’ from its former subsidiary Colonial First State after it signed up customers to Essential Super between 2013 and 2019.

Read the full report here.


Photo: The Climate Reality Project/Unsplash 

The Bulletin Magazine

How To Personalise Your SoundCloud Banner For Free In Minutes Using Adobe

Soundcloud is a platform that lets audio artists and musicians share their music. It also helps them track the demographics of their listeners.For a...

The Bulletin - avatar The Bulletin

Limitless Creativity: DIY Projects Elevated with Enamel Spray Cans

Art is powerful and knows no boundaries to express its freedom. An artist, hobbyist or DIY fan can always consider himself in heaven anywhere near c...

The Bulletin - avatar The Bulletin

3 Tips For Engagement Ring Shopping

If you’ve found your life partner, you may be thinking about getting the perfect engagement ring to celebrate your commitment to each other. Howev...

NewsServices.com - avatar NewsServices.com