Financial Services Litigation

Litigation & Dispute Resolution

Litigation & Dispute Resolution » Financial Services Litigation

While the litigation arising directly from the global financial crisis itself is now tailing off, the major regulatory reform triggered by the global financial crisis is creating its own challenges for the financial services industry. The ASIC report into financial planning released in 2014 is the latest in a series of signals to the financial services sector that the industry is facing increasing regulatory scrutiny and with it the risk of enforcement actions and opportunistic litigation.

Corrs has the industry knowledge and technical expertise to advise and represent clients in regulatory investigations, internal investigations and banking and financial services litigation. Drawing on experience in representing clients in a broad range of complex financial services disputes, our litigators have a clear understanding of the regulatory framework, the transactions and financial products which underlie disputes in this area. Corrs takes a pro-active approach to dealing with regulators, allowing clients to put their best foot forward while preserving their rights.

Our Thinking

Has new NSW insurance legislation created more problems than it has solved for claimants, creditors and insolvency practitioners?

The NSW Parliament has introduced new insurance legislation designed to clarify the rights of claimants to proceed directly against insurance companies. But in the context of insolvent corporations, has it created more problems than it has solved?

More

Tips and traps of the PPS Act: A look towards further reform

This article offers an informative overview of the recent case law which has highlighted common areas of confusion and elements of uncertainty under the Personal Property Securities Act 2009 (Cth) (PPS Act).

More Download

Federal Government loses out on corporate collapse: The case for legislative reform

A recent Victorian Supreme Court decision has resulted in the Commonwealth losing priority status for some $3.8m paid to the employees of a collapsed company.

More

“Common fund” litigation funding model approved by the Full Federal Court – with strings attached

On 26 October 2016, the Full Court of the Federal Court allowed an application for a “common fund order” in a class action for the first time.

More

Self incrimination, regulators and commissions – do I really have to answer that question? Part 2

This is our second article in this series. In this article we consider who can receive or make use of the transcript of a compulsory examination – including third parties – and the protections available to a person pleading a defence in court proceed

More

Reform fatigue as superannuation consultation commences once again

The Productivity Commission’s review into the competitiveness and efficiency of Australia’s superannuation system is underway with public consultation now occurring.

More

Self incrimination, regulators and commissions – do I really have to answer that question?

This is the first in a two-part series covering some of the issues arising from compulsory examinations, the privileges that may be available to a person being examined, and how the answers can be used.

More

Guarantors and the Code of Banking Practice

Two cases decided in the final 2 months of 2015 have provided the courts with an opportunity to consider the interaction between the 2013 Code of Banking Practice (Code) and guarantors.

More Download

Financial advice: The computer will see you now – Six considerations for deploying robo-advice in Australia

Traditional financial services business structures are under threat from rapid digital innovation. Financial advisers are increasingly being replaced by sophisticated computer programs.

More Download

Governance-driven reforms stir controversy in superannuation sector

Superannuation has long been an emotionally charged area of Australian political debate. The highest standards of governance, coupled with regulatory stability, are essential to maintain the public’s confidence in a system which manages over $2 trill

More Download

Challenging FOS decisions - And how to avoid the need to do so

A recent court case has highlighted the difficulty of challenging decisions of the Financial Ombudsman Service.

More

Regulatory reform encourages digital disclosure in financial services

Newly made legislative instruments have made digital disclosure in financial services a viable alternative to traditional methods.

More Download

ASIC looks to behavioural economics to improve financial product messages

ASIC is using its “soft power” to influence the design of securities offering documents.

More

Getting the Deal Through - Securities Litigation 2015

Corrs wrote the Australian chapter in this edition of "Getting the Deal Through - Securities Litigation," a comparative guide to the mechanisms and procedures surrounding securities litigation across the 13 jurisdictions worldwide.

More Download

Australian banks in New York and the risk of exposure to legal proceedings in the United States

The year 2014 has seen three key decisions by US courts clarifying the extent to which non-US banks that maintain a branch in New York can be sued in the United States.

More Download

Australian Financial Services and Leasing Pty Ltd v Hills Industries Ltd

In Australian Financial Services and Leasing Pty Ltd v Hills Industries Ltd, the High Court has unanimously dismissed the appeal of a finance company that had made payments by mistake and sought to recover them.

More Download

Will the Senate Committee report on ASIC’s performance be the trigger for class actions against financial planners?

AFSL holders could find themselves being litigated against for failures in management oversight and internal compliance programs.

More

Will your internal compliance pass the ASIC test? Steps to take before the regulator comes knocking

A Senate recommendation that ASIC increase surveillance is a message to AFSL holders to get their internal compliance in order.

More

Damaged Goods. High price paid for warranty breach

Addressing unusual subject matter, donor sperm used in assisted reproductive technologies (ART), the majority High Court decision in Clark v Macourt [2013] HCA 56 confirms the manner in which damages are to be calculated for breach of contract.

More Download

Show me the money! Player agents and conflicts of interest!

Player agents operate in a competitive and lucrative industry. It is trite to say that professional sport in the 21st century is big business.

More Download

Our Experts

Ian Dallen.jpg

Ian Dallen

Partner Location Sydney Profile
Mark Wilks.jpg

Mark Wilks

Partner Location Sydney Profile
CRITCHLEYMatthewwebsitegreyTH.jpg

Matthew Critchley

Partner Location Melbourne Profile
DEAN Michelle website grey SIZED TH

Michelle Dean

Special Counsel Location Perth Profile
KING Rachael website grey SIZED TH

Rachael King

Partner Location Perth Profile
Richard Flitcroft.jpg

Richard Flitcroft

Partner Location Sydney Profile
Sam Delany.jpg

Sam Delaney

Partner Location Sydney Profile
JOHNSON Simon2 website TH

Simon Johnson

Partner Location Sydney Profile

Our Thinking

Has new NSW insurance legislation created more problems than it has solved for claimants, creditors and insolvency practitioners?

The NSW Parliament has introduced new insurance legislation designed to clarify the rights of claimants to proceed directly against insurance companies. But in the context of insolvent corporations, has it created more problems than it has solved?

Tips and traps of the PPS Act: A look towards further reform

This article offers an informative overview of the recent case law which has highlighted common areas of confusion and elements of uncertainty under the Personal Property Securities Act 2009 (Cth) (PPS Act).

Federal Government loses out on corporate collapse: The case for legislative reform

A recent Victorian Supreme Court decision has resulted in the Commonwealth losing priority status for some $3.8m paid to the employees of a collapsed company.

“Common fund” litigation funding model approved by the Full Federal Court – with strings attached

On 26 October 2016, the Full Court of the Federal Court allowed an application for a “common fund order” in a class action for the first time.

Self incrimination, regulators and commissions – do I really have to answer that question? Part 2

This is our second article in this series. In this article we consider who can receive or make use of the transcript of a compulsory examination – including third parties – and the protections available to a person pleading a defence in court proceed

Reform fatigue as superannuation consultation commences once again

The Productivity Commission’s review into the competitiveness and efficiency of Australia’s superannuation system is underway with public consultation now occurring.

Self incrimination, regulators and commissions – do I really have to answer that question?

This is the first in a two-part series covering some of the issues arising from compulsory examinations, the privileges that may be available to a person being examined, and how the answers can be used.

Guarantors and the Code of Banking Practice

Two cases decided in the final 2 months of 2015 have provided the courts with an opportunity to consider the interaction between the 2013 Code of Banking Practice (Code) and guarantors.

Financial advice: The computer will see you now – Six considerations for deploying robo-advice in Australia

Traditional financial services business structures are under threat from rapid digital innovation. Financial advisers are increasingly being replaced by sophisticated computer programs.

Governance-driven reforms stir controversy in superannuation sector

Superannuation has long been an emotionally charged area of Australian political debate. The highest standards of governance, coupled with regulatory stability, are essential to maintain the public’s confidence in a system which manages over $2 trill

Challenging FOS decisions - And how to avoid the need to do so

A recent court case has highlighted the difficulty of challenging decisions of the Financial Ombudsman Service.

Regulatory reform encourages digital disclosure in financial services

Newly made legislative instruments have made digital disclosure in financial services a viable alternative to traditional methods.

ASIC looks to behavioural economics to improve financial product messages

ASIC is using its “soft power” to influence the design of securities offering documents.

Getting the Deal Through - Securities Litigation 2015

Corrs wrote the Australian chapter in this edition of "Getting the Deal Through - Securities Litigation," a comparative guide to the mechanisms and procedures surrounding securities litigation across the 13 jurisdictions worldwide.

Australian banks in New York and the risk of exposure to legal proceedings in the United States

The year 2014 has seen three key decisions by US courts clarifying the extent to which non-US banks that maintain a branch in New York can be sued in the United States.

Australian Financial Services and Leasing Pty Ltd v Hills Industries Ltd

In Australian Financial Services and Leasing Pty Ltd v Hills Industries Ltd, the High Court has unanimously dismissed the appeal of a finance company that had made payments by mistake and sought to recover them.

Will the Senate Committee report on ASIC’s performance be the trigger for class actions against financial planners?

AFSL holders could find themselves being litigated against for failures in management oversight and internal compliance programs.

Will your internal compliance pass the ASIC test? Steps to take before the regulator comes knocking

A Senate recommendation that ASIC increase surveillance is a message to AFSL holders to get their internal compliance in order.

Damaged Goods. High price paid for warranty breach

Addressing unusual subject matter, donor sperm used in assisted reproductive technologies (ART), the majority High Court decision in Clark v Macourt [2013] HCA 56 confirms the manner in which damages are to be calculated for breach of contract.

Show me the money! Player agents and conflicts of interest!

Player agents operate in a competitive and lucrative industry. It is trite to say that professional sport in the 21st century is big business.

Our Experts

Ian Dallen.jpg

Ian Dallen

Partner Sydney +61 2 9210 6243
Mark Wilks.jpg

Mark Wilks

Partner Sydney +61 2 9210 6159
CRITCHLEYMatthewwebsitegreyTH.jpg

Matthew Critchley

Partner Melbourne +61 3 9672 3258
DEAN Michelle website grey SIZED TH

Michelle Dean

Special Counsel Perth +61 8 9460 1639
KING Rachael website grey SIZED TH

Rachael King

Partner Perth +618 9460 1627
Richard Flitcroft.jpg

Richard Flitcroft

Partner Sydney +61 2 9210 6435
Sam Delany.jpg

Sam Delaney

Partner Sydney +61 2 9210 6598
JOHNSON Simon2 website TH

Simon Johnson

Partner Sydney +61 2 9210 6606