The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected businesses in the ASX 200 index:
Commonwealth Bank of Australia’s (ASX: CBA) CommInsure criminal proceedings
CBA’s insurance division is facing criminal proceedings by the Director of Public Prosecutions (DPP) with 87 alleged contraventions of the anti-hawking provisions.
According to CBA, the alleged contraventions relate to telephone sales of Simple Life insurance products by CMLA in the period from 7 October 2014 to 16 December 2014, a practice that ceased at the end of 2014.
This is probably some of the matters that were being investigated arising from the royal commission.
Magellan Financial Group Ltd’s (ASX: MFG) large new trust
The investment fund manager has been raising money for its new listed investment trust called the Magellan High Conviction Trust.
This week Magellan said that it raised $862 million from investors. The estimated costs of the offer that will be paid by it, inclusive of loyalty units and IPO foundation units, are approximately $55 million.
National Australia Bank Ltd (ASX: NAB) royal commission costs
It was a hard week to be a shareholder of NAB after the large bank announced a very large remediation cost this week.
The bank announced additional charges of $1,180 million after tax ($1,683 million before tax) relating to increased provisions for customer-related remediation and a change to the application of its software capitalisation policy, charges of $832 million after tax ($1,189 million before tax) relate to additional customer-related remediation.
Will this hit the final FY19 dividend? We’ll have to wait and see.
Mayne Pharma Group Ltd (ASX: MYX) agreement
Mayne Pharma has signed a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive in the United States.
The peak net sales potential could exceed US$200 million per annum, so it could be very lucrative for Mayne Pharma.
However, the deal could cost Mayne almost 10% of its shares as well as cash. Despite that, the Mayne share price is still up around 10%.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.