COMPENSATION (LAW) – AUSTRALIA

CBA enlists heavyweights for compo panel

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Original article by Adam Creighton
The Australian – Page: 16 : 25-Aug-14

Following a scandal over improper advice by its financial planning arm, Commonwealth Bank of Australia (CBA) has formed an Independent Review Panel for the Open Advice Review Program meant to compensate affected customers. Some 400,000 clients of Commonwealth Financial Planning and Financial Wisdom from 2003 to 2012 will benefit. CBA has sought the services of a number of class action law firms on the issue, appointed ex- judges Geoffrey ­Davies and Julie Dodds-Streeton to the panel, and recruited US-based Promontory Financial Group to monitor internal processes at the bank

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, HIGH COURT OF AUSTRALIA, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, COURT OF APPEAL (QUEENSLAND), SUPREME COURT OF VICTORIA, FEDERAL COURT OF AUSTRALIA, LAW COUNCIL OF AUSTRALIA, PROMONTORY FINANCIAL GROUP LLC, MACQUARIE GROUP LIMITED – ASX MQG, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AMP LIMITED – ASX AMP, QUEENSLAND. PUBLIC HOSPITALS COMMISSION OF INQUIRY, QUEENSLAND. LITIGATION REFORM COMMISSION

Courts get tougher on sexual harassment, payouts soar

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Original article by Nick Toscano
The Age – Page: 12 : 14-Aug-14

Hall & Wilcox partner Kerryn Tredwell says a recent Federal Court of Australia ruling has created a new benchmark for compensation payouts in sexual harassment cases. It approved an increase from $1A8,000 to $A130,000 for a female executive at software group Oracle, whereas previously amounts of $A90,000-plus were awarded rarely and only in very serious matters such as sexual assault. Australian Human Rights Commission data also show a rise in the number of sexual harassment claims lodged, from 157 in 2007-08 to over 260 in 2010-11 and 222 in 2013-14

CORPORATES
AUSTRALIAN HUMAN RIGHTS COMMISSION, ORACLE AUSTRALIA LIMITED, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. SEXUAL DISCRIMINATION COMMISSION, HALL AND WILCOX, QUEENSLAND UNIVERSITY OF TECHNOLOGY

CBA exposed to flood of claims

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Original article by James Eyers, Phillip Coorey
The Australian Financial Review – Page: 1-Jun : 4-Jul-14

Commonwealth Bank of Australia (CBA) has announced a new compensation program. CEO Ian Narev said on 3 July 2014 that the bank is determined to rectify the problem of inappropriate advice being given to clients by the bank’s financial planning subsidiaries. Under the new program, customers who received advice between 1 September 2003 and 1 July 2012 can apply to the bank for an internal assessment

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, MAURICE BLACKBURN PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED