Monthly Archives: August 2016

Bill Shorten Ramps Up Calls for Banks Royal Commission

Labor Leader Bill Shorten will continue to pursue a royal commission into the banking sector in the new parliament.
Source:

AAP
29 AUG 2016 – 11:30 AM  UPDATED YESTERDAY 11:30 AM

Bill Shorten has mocked the prime minister’s rejection of a royal commission into the behaviour of the nation’s major banks, saying all Australians want is to make sure they are not being ripped off.

The opposition leader told a meeting of his shadow ministry on Monday – ahead of the opening of the 45th parliament on Tuesday – Labor would continue to pursue a royal commission.

“The witness protection program, which this government’s affording the big end of town, is breathtaking in its arrogance,” Mr Shorten told his colleagues in Canberra.

 

http://www.sbs.com.au/news/article/2016/08/29/pm-has-banks-witness-protection-labor

Banwest Class Action Supports Mr.Shortens call for a banks Royal Comission

CBA Named in Rate Rigging Class Action

Rate rigging: ANZ, NAB confirm US class action over alleged BBSW manipulation

Updated 18 Aug 2016, 2:34pm

ANZ and NAB have both confirmed they are among 17 banks and two international broking houses named in a class action relating to the alleged rigging of the bank bill swap rate (BBSW) and bank trading in the United States

http://www.abc.net.au/news/2016-08-18/anz-nab-bbsw-us-class-action/7763178

 

Class Action Lead Applicant Bankruptcy Petition Adjourned

On 12 August 2106, Mr. Trevor Hall solicitor on the record acting for Mr. Peter Walsh (Mr. Walsh is the lead applicant in the representative action proceedings) appeared in open court before Judge Driver in relation to a bankruptcy proceeding brought against him by the CBA.

His Honor made the following orders:

(i). I direct that the petition presented 24 November 2016 is adjourned pending the outcome of Supreme Court action 2016 of 86790 in the Supreme Court of New South Wales, or until further order of this Court;

(ii). I order for the purposes of Section 52(5) of the Bankruptcy Act 1966 Cth that the petition will lapse on 24 November 2017;

(iii). The petition and the respondent’s interim application (in which he seeks orders for discovery), is listed for directions before me on 7 November 2016 at 9.30 am;

(iv). I grant the parties liberty to apply for directions or orders on sort notice

(v). I note the undertaking given by Mr Walsh’s solicitor in open court before me that the respondent on the petition, Peter Walsh, will not seek to deal with his assets otherwise than in the normal course of business, where their value exceeds $10,000 within the extended period referred to in order (ii) above, without first giving the applicant bank 14 days notice in writing of his intention to deal with that assets / those assets;

(vi). I direct that the solicitor for Peter Walsh will cause a copy of his affidavit sworn 12 August 2016 and read on this morning’s hearing to be filed with the Court registry through the Commonwealth E-Portal.

The effect of the above is that we are now largely free to prosecute the representative action proceedings without having to answer to bankruptcy proceedings; and to all intent and purposes the bankruptcy action is now effectively finalised; save if there is a material adverse event in the representative action proceedings which would prevent Mr Walsh from prosecuting that action successfully.