Australian Court of Justice Dismisses Sound Regulatory Agency's Action Against Major Financial IOOF

[Sydney 20th Reuters]-Executives of Australian Financial Services Leader IOF Holdings <IFL.AX> have been sued by the Australian Health Regulatory Authority (APRA) for violating pension-related laws. , Rejected APRA's complaint.

The judge decided that no violation of the law by the IOOF was proved. APRA alleged that the company misappropriated pension funds.

Last month, the West Court Bank <WBC.AX> filed a lawsuit filed by the Securities and Investment Commission (ASIC) for mortgage approval based on inappropriate standards. Rejected and the authorities lost for two consecutive months. [nL4N2590NB]

As for Australian financial institutions, last year's investigation by the Royal Commission set up by the government revealed that the spread of fraud has surfaced, and authorities have stepped up enforcement.

In the judgment on the 20th, the judge also dismissed APRA's allegation that the five directors of the IOOF were determined to be inappropriate. He also ordered APRA to pay IOOF litigation related costs.

IOOF's stock price surged 8.1% at a time in response to the news of a win, reaching a high price since early May.