Class Actions
Judge ‘very uncomfortable’ with funder’s novel costs bid in KPMG class action
A judge has expressed concerns about a funder's novel application for its costs in a partially settled shareholder class action over the collapse of mining company Cudeco, saying everyone was getting a payday except group members.
Financial Services
Judge hits ANZ with $250M penalty after saying agreed amount ‘on the light side’
A judge has ordered ANZ pay $250 million in penalties in four cases by the corporate regulator, $10 million more than the bank had agreed to pay, after saying one of the fines proposed for overstating bond trading volumes was “on the light side”.
Financial Services
Macquarie agrees to pay $35M penalty in ASIC’s first short-sale reporting case
Macquarie Securities has agreed to pay a $35 million penalty in a civil suit brought by the Australian Securities and Investments Commission alleging systemic misreporting of short sales over a 14-year period.
Employment
TechnologyOne wins dismissal of long-running suit by former exec
After a years-long legal battle, a judge has thrown out an unfair dismissal suit by a former TechnologyOne executive, finding he was lawfully terminated for failing to adapt to the company's management structure.
Technology
WiseTech finds Richard White did not inappropriately use company funds
A WiseTech investigation into billionaire chair Richard White has found no evidence that he misused company funds in his personal relationships with two women, including to pay for an employee’s plastic surgery.
Employment
Grill’d served with class action over staff rest breaks
A new class action targeting Grill'd alleges the burger chain wrongly denied thousands of workers the rest breaks they were entitled to under enterprise bargaining agreements.
Financial Services
Bendigo Bank faces regulatory action for risk management weaknesses
AUSTRAC has launched an investigation into Bendigo and Adelaide Bank's compliance with anti-money laundering laws, as APRA directs the bank to hold a capital add-on of $50 million.
Telecommunications
Optus Triple Zero outage review finds ‘at least ten mistakes’
An investigation commissioned by Optus into its fatal Triple Zero outage in September has found "at least 10 mistakes" made by the telco's personnel and contractor Nokia, which was upgrading the network at the time.
Financial Services
Netwealth admits First Guardian failures in ASIC case, will pay $100M
Super trustee Netwealth has agreed to return over $100 million to members who invested their retirement savings in the First Guardian Master Fund, in the latest action by the corporate regulator over the failed fund.
Competition & Consumer Protection
ACCC opposes Yamaha’s bid to acquire boat maker Telwater
The ACCC has opposed Yamaha Motor's proposed acquisition of aluminium trailer boat maker Telwater, saying it would result in the substantial lessening of competition in the wholesale supply of outboard motors.
