Briefs: ANZ pursued over 'toxic' financial products, BOQ staff vote 'no' to pay offer, new directors

Coffs Harbour City Council along with other unnamed local government authorities are claiming ANZ engaged in misleading and deceptive conduct, breach of contract and breach of its fiduciary duties by selling them toxic financial products, The Australian has reported. The bank is also being accused of a breach of the banking code of practice. Ratings agency Fitch is also reportedly being pursued by Australian investors over its role in giving toxic financial products an undeserved AAA rating prior to the GFC.
More than 60 per cent of staff taking part in a ballot for a new enterprise agreement at Bank of Queensland staff voted "No". BOQ had offered a pay rise of 1.25 per cent, with additional increases subject to performance. The Finance Sector Union said 531 employees (74 per cent of eligible voters) cast a vote.
The Customer Owned Banking Association has two new directors, following its annual general meeting earlier this week. Therese Turner (My Credit Union) and Robert Keogh (Beyond Bank) were elected to the COBA board. Directors John Minz (Heritage Bank) and Margot Sweeny (Summerland Credit Union) chose not to stand for re-election and were thanked by COBA chair Julianne Plath for their "long-standing dedication, passion and commitment" to the industry body for credit unions, building societies and mutual banks.