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.
Class Actions
Developer of masterplan suburb lobs cross-claims against contractors
Four contractors are facing cross-claims in a class action against developer Mulpha over a 683-lot development in Glenmore Park.
Class Actions
Judge worries about overworked lawyers in Work for Dole class action
A judge considering discovery in a class action by Indigenous people over the government's "discriminatory and unjust" Work for Dole program has expressed concerns about overworked lawyers, noting there were 37 lawyers from the Commonwealth working on the matter.
Class Actions
Class action says IAL’s ‘disproportionate’ costs no bar to amendments
A class action against Insurance Australia wants to add car insurance customers to the case, and says extra defence costs by IAL -- which has already spent a "disproportionate" $3 million -- shouldn't bar the new claims.
Tax
Tax advisors to face tougher penalties in wake of PwC tax leaks scandal
Tax advisors will face tougher penalties for misconduct under new federal legislation introduced in response to the PwC tax leaks scandal and recommendations from a Tax Practitioners Board review.
Defamation
Ex-Spotlight producer files bid to remove Thomsons from News Corp suit
A former producer of Seven's Spotlight, who gave evidence in Bruce Lehrmann's defamation case, is seeking to remove Thomsons as the solicitor for News Corp in his defamation and racial discrimination suit against the publisher.
Competition & Consumer Protection
ACCC kicks off Phase 2 review of Saipem, Subsea7 merger
The ACCC has referred global engineering and construction company Saipem S.p.A.'s proposed merger with rival Subsea7 S.A. to a Phase 2 assessment, raising concerns the deal could substantially lessen competition in the supply of infrastructure for Australia's offshore oil and gas industry.
Energy & Natural Resources
Tahmoor liquidators lose bid to disclaim Glencore royalties deed
The liquidators of the Tahmoor coal mine in NSW, formerly owned by Sanjeev Gupta’s GFG Alliance, have lost their bid to disclaim a royalties deed in favour of former owner Glencore, with a judge finding it was not an “unprofitable contract”.
Energy & Natural Resources
CITIC asks High Court to hear fight with Mineralogy over $12B Sino Iron project
China’s largest state-run conglomerate CITIC has asked the High Court to hear its appeal in mega litigation with Clive Palmer’s Mineralogy over the $12 billion Sino Iron project in Western Australia.
