Analysis
Class action filings down as lawyers wait for High Court clarity
The number of new class actions this year is on track to be the lowest in 10 years as plaintiff firms wait to see which way the High Court will lean in a crucial shareholder case and funders redeploy capital to nascent class action jurisdictions.
Financial Services
KPMG partner dropped from Westpac audit, will leave firm
One of the KPMG partners who shared confidential client information has stepped away from the firm’s audit with Westpac and will leave the firm.
Class Actions
Judge bemoans ‘vast amounts’ of unnecessary work in class actions
A judge has questioned the level of detail in a 1,700-page proposed amended pleading in a shareholder class action over the collapse of fund manager Blue Sky, expressing "frustration" at the amount of unnecessary work that goes on in class actions.
Appeals
Star CEO, GC say judge got it wrong about obligations to board
Star’s former boss and chief legal officer have argued that a judge erred in finding they breached their directors’ duties by allegedly failing to inform the board of unacceptable money laundering risks in its Sydney casino.
ASIC
ASIC secures another ban of MWL Financial adviser
A former MWL Financial adviser has been banned for three years for advising clients to invest most of their super in risky classes of the Shield Master Fund, after ASIC agreed to a reduction in the suspension in proceedings before the ART.
Employment
Richard White’s Kyckr claims ex-CTO sacked over performance issues
Richard White and his anti-money laundering software company Kyckr have hit back at an unfair dismissal case by the company's former chief technology officer, claiming she was terminated for “longstanding performance issues”.
Competition & Consumer Protection
ACCC to take deeper look at Zoetis, Neogen merger
The Australian Competition and Consumer Commission has opened a phase 2 review into animal drug company Zoetis' proposed acquisition of Neogen's global animal genomic testing business, saying it would substantially lessen competition in the market for animal gene testing services.
Competition & Consumer Protection
Coles challenges ACCC’s block of supermarket site acquisition
Coles has asked a tribunal to clear its proposed acquisition of a leasehold interest in a supermarket and liquor store site in Kalgoorlie, arguing the ACCC's finding that it would substantially lessen competition was "not objectively correct".
Class Actions
ALDI settles underpayments class action for $55M
A class action on behalf of 32,000 ALDI workers who were allegedly denied pay for pre- and post-shift work has settled for $55 million, with the retail workers union set to receive $1.5 million towards its costs.
Financial Services
Judge OKs ‘very disappointing’ AMP class action settlement, cuts fees
A judge has approved a $120 million settlement in a class action against AMP that followed the banking royal commission, saying while it was a “very disappointing outcome” for group members it was still fair and reasonable.
