Trials
KPMG slams Arrium class action’s ‘intuitive’ loss case
KPMG has told a judge there is no evidence that Arrium's share price would have changed even if it had recorded a $2.8 billion impairment, urging the judge to reject the shareholder class action's "intuitive" case on loss.
Financial Services
Freezing orders extended in ASIC case against Falcon Capital’s ex-CIO
A judge has pushed out freezing orders against the former chief investment officer of failed investment firm Falcon Capital, dismissing the excecutive's complaint that he was leaning on friends to pay bills.
Environment
‘Retired if not dead by trial’: 3M judge grapples with ‘daunting’ $2B case
The judge overseeing the federal government’s $2 billion PFAS lawsuit against 3M is grappling with how to move the "daunting" case forward, warning the parties "we'll all be retired if not dead by the time it comes to trial".
Class Actions
Judge orders soft class closure in J&J cold medicine class action
A judge has granted Johnson & Johnson's bid for soft class closure in a class action over allegedly ineffective cold medications, saying it would aid in settlement negotiations.
Construction
Mallesons denies knowledge of $18M loan in FSM liquidators’ case
Law firm Mallesons, which is named in proceedings brought by failed property developer FSM, has denied it knew that a former director used company loans to pay off personal debts.
Financial Services
Netwealth failed to properly vet First Guardian fund, court told
The corporate regulator has sought court declarations against super trustee Netwealth over the failed First Guardian investment fund, which along with the collapsed Shield is believed responsible for $1 billion in losses.
Financial Services
‘Discourteous and unacceptable’: NAB scolded for not complying with court orders
A judge has slammed NAB for failing to comply with court orders in a negligence case against the bank, calling its actions "discourteous and unacceptable".
Privacy & Cybersecurity
Meta glasses may be target of next phase of privacy reforms
The government is mulling stronger privacy laws to deal with emerging technologies like smart glasses, with the OAIC saying it was giving "serious consideration" to the privacy issues raised by the glasses, most of which are made by Meta.
Competition & Consumer Protection
ACCC blocks Kegstar acquisition of Konvoy assets
The ACCC has opposed US-based keg pooling company Kegstar's proposed acquisition of the assets of rival Konvoy, the second acquisition blocked since the new mandatory merger review came into effect.
Tax
ATO appeals win for Evolution Mining over $31M losses
The Australian Taxation Office is appealing a win for gold producer Evolution Mining after an initial trial over the company's purported decision to cancel the transfer of $31 million in post-acquisiton losses.
