Class Actions
Class action firms circle NextDC over 42% share price plunge
A third law firm is investigating a potential class action against AI infrastructure company NextDC after it revealed delays in grid supply to its M3 data centre in Melbourne and slashed $140 million from its forecast earnings.
Class Actions
Western Sydney University to pay $8.35M to settle class action
Western Sydney University has agreed to pay $8.35 million to settle a class action alleging it misled students into studying a health engineering degree that was unaccredited.
Financial Services
Judge hits Sunshine Loans with $5.5M fine, rejects attempt to blame lawyers
Payday lender Sunshine Loans has been hit with $5.5 million in penalties for charging vulnerable customers almost $300,000 in fees, with a judge giving limited weight to its claim that it relied on legal advice when introducing the unlawful charges.
Financial Services
APRA stings Macquarie with $100M capital overlay penalty
The Australian Prudential Regulation Authority has imposed a $100 million capital overlay penalty on Macquarie Group, saying the bank had miscalculated the amount of capital required to buffer its non-bank businesses.
Securities
Ex-US congressman can’t pursue case against Citigold chair, brother’s firm
A former US Congressman and indirect beneficiary of Queensland gold mining company Citigold has lost a bid to launch derivative action accusing the company's chairman of sharing insider information with his brother.
Real Estate
Warburg Pincus makes fifth offer for Ingenia Communities
The bidding war for property developer Ingenia Communities continues, with private equity firm Warburg Pincus on Friday besting an offer made five days earlier by AVID Property Group.
Business of Law
Law firm directors lose appeal in shareholder oppression case
The former directors of Canberra firm Aulich Civil Law have lost their challenge to orders that they compensate a former shareholder in the legal practice, after it was found they issued shares to dilute her holding.
Discrimination
High Court to hear Pauline Hanson’s appeal over ‘back to Pakistan’ tweet
The High Court has taken up Pauline Hanson's constitutional challenge to Australia's racial vilification law, in a long-running dispute with Greens senator Mehreen Faruqi over a tweet by the One Nation leader.
Business of Law
Barrister fined $25,000 after ‘mealy-mouthed’ apology for contempt
A Sydney barrister found guilty of contempt in a fight with his chambers over $112,000 in floor fees has been fined $25,000, with a judge calling his apologies “mealy-mouthed” and “late in the day”.
Appeals
End of road for Clive Palmer’s court campaign against ASIC’s ex-chair
The High Court has dismissed billionaire Clive Palmer's bid to revive his misconduct claims against former ASIC chair James Shipton, which an appeals court rejected as "little more than a house of cards".
