Dispatches: Bad hair day for UBS
Hairdressing king and philanthropist Stefan Ackerie - better known as Stefan - is suing international financial services giant UBS and one of its client advisers over multi-million dollar share market losses. (Courier Mail)
The chair of Babcock & Brown in its dying days Elizabeth Nosworthy says hedge funds short-selling the stock contributed to its downfall. In the second week of a liquidator's hearing in the Federal Court in Sydney, Ms Nosworthy said a business plan designed in late 2007 for the next year had accounted for a tightening of liquidity globally as the early signs of the global financial crisis had emerged. (The Australian)
An extensive study of consumer experience outcomes has found Australian consumers are largely unsatisfied with their banking experiences. (The Adviser)
It have been a fat-finger moment, but when a US lawyer typed ''2007'' instead of ''2008'' it earned a blistering rap from a New York judge - and cost him thousands of dollars. The error proved fatal to a short-lived US class action in which US-based investors in ANZ sued the bank over its public statements regarding the failed Opes Prime share-lending firm, and it led to the class action lawyers paying all ANZ's costs. (Sydney Morning Herald)
