Financial Services
ASIC running criminal investigation over Keystone’s Shield, court told
ASIC has raised the prospect of criminal charges linked to the Shield Master Fund, after bringing civil penalty proceedings alleging up to $530 million in retirement savings was used for unauthorised purposes.
M&A
Coles says ACCC’s rejection of Kalgoorlie site buy based on novel theory
Coles has argued that the competition regulator’s decision rejecting the supermarket giant's bid to lease a new site in Kalgoorlie, WA was based on a theory of harm that is novel under Australian law.
New lawsuit
Macquarie hit with class action, as firms circle over Shield, First Guardian
Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.
New lawsuit
Coles takes ACCC to Federal Court over supermarket acquisition
Coles has fired off Federal Court proceedings over the ACCC's decision to block its proposed acquisition of a leasehold interest in a supermarket and liquor store site in Kalgoorlie, one day after bringing proceedings at the Australian Competition Tribunal.
Securities
CMC Markets accepts cut to unprecedented class action security bid
A class action against CMC Markets has agreed to provide an additional $6.5 million in security, with the parties avoiding a contested hearing over the online trader's bid for $8.6 million.
Class Actions
Entain class action firm wins GCO, but not at higher rate than Sportsbet
A judge has made a group costs order that will give Maurice Blackburn one third of any recoveries in a class action against Entain, rejecting the firm's bid for a higher contingency fee rate than earmarked in its parallel Sportsbet class action.
Class Actions
Oaks Hotels hit with class action over COVID-era rent reductions
The owner of the Oaks Hotels & Resorts is facing a class action by landlords who allege the hotel operator misrepresented that it was entitled to reduced rent payments during the COVID-19 pandemic.
ASIC
ASIC boasts banner year for enforcement, with $830M in penalties
The Australian Securities and Investment Commission has secured over $830 million in penalties in litigation in the most recent financial year, including its highest penalty ever.
KPMG
Seven KPMG partners fined for misusing confidential client information
KPMG has fined seven partners, some as much as $180,000, for misusing confidential client information in May.
AI
Victoria to make it easier for parents to sue AI, social media companies
The Allan Government has unveiled plans that would make it easier to sue AI and social media companies over harms to children, while also announcing a crackdown on the use of AI and employee surveillance in the workplace.
