Analysis
Rex loss may force ASIC rethink of approach to non-executive director claims
ASIC may reconsider its approach to claims against non-executive directors after failing to prove that three NEDs of Rex had actual knowledge that the failed budget airline did not have a reasonable basis for a rosy profit forecast, experts told Lawyerly.
ASIC
ASX hit with $20.5M penalty for misleading CHESS replacement statement
A judge has hit ASX Limited with a $20.5 million penalty after it admitted that a February 2022 statement to the market that its CHESS replacement project was “progressing well” was misleading.
Trials
Allen & Overy warned of ‘very serious problems’ with Bolton bonus, court told
Law firm Allen & Overy advised that there were “very serious problems” with awarding Keybridge’s former CEO Nicholas Bolton a $4.75 million bonus, a judge has heard.
Intellectual Property
Eminem loses trade mark fight with beach brand Swim Shady
Retailer Swim Shady has won a bid for partial removal of two trade marks owned by Eminem, with IP Australia finding the US rapper's alter ego reputation as Slim Shady was not enough to retain the IP.
Class Actions
Judge tosses appeal of ruling splitting NT housing class action trial
A class action on behalf of public housing residents in the Northern Territory has lost its appeal of a judge's decision to split an upcoming trial.
KPMG
New KPMG chair accused Labor senator of false statements
KPMG's newly appointed chairman Mike Ebeid previously accused Labor senator Deborah O'Neill of making "completely false" statements to the senate when she revealed a whistleblower's allegations of misconduct at the firm.
Class Actions
Law firm drops ‘uneconomic’ Fairbridge Farm School class action
A class action that sought to quash a settlement reached on behalf of child abuse victims who attended NSW’s Fairbridge Farm School has been discontinued, with a court hearing the case was "uneconomic".
Competition & Consumer Protection
No bull please: Lactalis pays fine for ‘fresh’ milk claims
Pauls Milk producer Lactalis has copped a penalty after the consumer regulator issued infringement notices for alleged misleading representations about the freshness of two of its products.
Tax
Hamilton Locke nabs three tax partners from K&L Gates
Hamilton Locke has lured three partners and their teams from K&L Gates, bolstering its tax offering in response to client demand.
Article
York Property can’t call on bank guarantees in fight over $128M Gold Coast high-rise
A judge has found that Heran Group unit York Property can't call on $6.4 million in bank guarantees after finding builder Tomkins has a strong prima facie case that a $17.5 million payment certificate issued under contract to build a 119-Gold Coast residential tower was not authorised.
