Courts
‘Egregious delays’: Judge calls out six colleagues for tardy decisions
An outspoken Federal Court judge has taken some of his colleagues to task over the slow delivery of judgments, naming six of his fellow jurists for a "most regrettable state of affairs".
Securities
ASX agrees to $20.5M penalty on eve of trial in ASIC’s case
ASX Limited has reached a settlement with the corporate regulator just hours before a scheduled trial in a case over a market announcement that said its CHESS replacement project was “progressing well”.
ASIC
Union Standard cops record $300M penalty in ASIC case
Defunct forex broker Union Standard and its former agents have been hit with a combined $300.2 million penalty for “egregious” contraventions, including deliberately pushing risky derivative contracts onto inexperienced investors.
M&A
Pitcher Partners says deal changes can’t justify avoiding $1.3M abort fee
Pitcher Partners has argued in its case against a former client over a $1.3 million abort fee that treating proposed deal changes as material departures would enable parties to avoid such fees by putting forward absurd terms.
Competition & Consumer Protection
Suit over $36M Bunnings store a ‘significant’ competition case, court told
A Mitre 10 franchisee’s case alleging Bunnings engaged in anti-competitive conduct by launching a $36 million store in regional Queensland will have significance for other independent hardware retailers that have closed down, a court has heard.
Class Actions
Sportsbet CEO to face cross-examination in betting class action
A class action alleging Sportsbet provided unlawful gambling services plans to cross-examine its CEO over his claim the company would not have offered the bets if it knew they were illegal, with the court hearing he relied on legal advice.
High Court
High Court won’t undo solicitor’s win in negligence case
The High Court won't hear a challenge to a dismissed negligence suit against a Sydney solicitor, in an appeal dealing with whether lawyers need to examine the underlying contracts in a dispute before determining whether a claim or defence has merit.
Construction
LU Simon sued for $8.7M for delays in completing Box Hill residential development
A developer has taken builder LU Simon to court, seeking an order that it pay $8.7 million in liquidated damages for failing to complete a $74 million residential development in Box Hill on time.
Lendlease
GPT Group drops $1.2B on stakes in Queensland, NSW shopping centres
Real estate investment trust GPT Group has dropped $1.19 billion to acquire interests in Queensland’s Sunshine Plaza and Campbelltown’s Macarthur Square shopping centre.
Competition & Consumer Protection
Hismile to pay $140K for alleged misleading social media ads
Oral care company Hismile has paid $138,600 in penalties after the consumer watchdog issued it with seven infringement notices over alleged false and misleading social media advertisements.
