Securities
ASIC looking at JP Morgan, Bank of America over failed Firmus IPO
ASIC is looking into lead managers behind AI data centre company Firmus’ failed public float, with a key issue whether they had a reasonable basis for assertions about investor demand.
Securities
ASIC sues Falcon Capital directors over First Guardian fund
The securities regulator has launched proceedings against the former directors of Falcon Capital, the latest action by ASIC over the First Guardian Master Fund, which collapsed in 2024 taking $600 million in investor funds with it.
Professional Negligence
BDO employee sent pic of cash under table during Dubber audit, court hears
In a failed bid for discovery of internal communications at BDO Audit, Dubber has claimed a BDO employee sent an illustrated image of cash being passed under a table while discussing the firm's audit of the software company.
Contracts
ARN thought Jackie O’s $10M pay not justified without Sandilands, court told
Australian Radio Network's board thought Jackie O Henderson was not worth $10 million a year without co-host Kyle Sandilands, a court has heard as it rejects access to documents over which the broadcaster and the radio star claim privilege.
Class Actions
Carnival fights to knock $1M off costs in Ruby Princess class action
Cruise ship operator Carnival is fighting a lead applicant’s bid for $8 million in costs in a class action over a COVID-19 outbreak aboard the Ruby Princess, saying the counsel fees are too high.
Employment
Ex-Melbourne Football Club CEO alleges whistleblower violations
The former CEO of Melbourne Football Club alleges he was terminated because he raised concerns about underpayments and a consultant engaged by the club, in violation of whistleblower protections.
Class Actions
Aristocrat social casino class action worth over $100M, court hears
A class action against Aristocrat over allegedly illegal casino gaming apps is worth “hundreds of millions of dollars” and represents up to 1.6 million group members, a court has heard.
Financial Services
Judge OKs $30M settlement in RAMS franchisee class action
A judge has approved a $29.6 million settlement in a class action against Westpac’s former home lending business RAMS, including $4 million in legal costs and a $12 million funding commission.
Competition & Consumer Protection
Bunnings pushes for early trial in competition case by Mitre 10 franchisee
Bunnings is pushing for an early trial in a misuse of market power case by a Mitre 10 franchisee seeking to halt its plans to open a nearby store, noting work has already begun on the store.
Competition & Consumer Protection
H&M Australia pays $138K fine over kids nightwear fire safety warnings
Clothing retailer H&M Australia has paid $138,600 in penalties for allegedly selling more than 4,000 children's clothing items that did not comply with fire hazard warning label requirements under the Australian Consumer Law.
