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By Reuters Staff
5 Min Read
Dec 28 (Reuters) - Australian banking regulators tightened their grip around the “Big Four” in a year beset with numerous class action lawsuits - some stemming from a 2019 investigation into the industry - record fines and divestitures.
Below is a timeline that tracks developments in the Australian banking sector in 2020 and steps taken by lenders to stay afloat as credit losses and impairment charges spiked from the COVID-19 pandemic.
Jan. 22, 2020: Law firm Maurice Blackburn files a class action lawsuit against two entities of National Australia Bank on behalf of more than 330,000 account holders for alleged breaches in pension laws.
the committee”) into
Litigation funding and the regulation of the class action industry was released yesterday, making 31 recommendations to reform the class action system. The inquiry was referred in part due to concerns over the significant growth in shareholder class actions and “excessive profits” obtained by litigation funders. In making its recommendations, the committee noted that there was virtually unanimous agreement that the current regulatory arrangements are too ‘light touch’ and greater oversight of the industry is required. The committee’s approach to reform was guided by the principle of reasonable, proportionate and fair access to justice in the best interests of class members.
Australia sues Facebook over defunct VPN app which misled consumers
Australia s ACCC consumer watchdog is taking Facebook to court over the Onavo Protect VPN service which Facebook was forced to shut down in 2019. The ACCC alleges it misled consumers into thinking their data was private.
Thousands of Australian consumers believed Facebook s Onavo Protect app would protect them, but instead it was skimming from their devices internal records on every app they used and time spent using them, alleges the Canberra-based ACCC watchdog.
Onavo Protect was a so-called virtual private network (VPN) service offered for free by Facebook to smartphone users, until it was forced to shut it down in 2019.