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".
Real Estate
ASIC says $300M in Shield investments intended for property developments likely diverted
A lawyer for ASIC has told a judge that $300 million in Shield Master Fund investments intended for property developments appear to have been diverted for other purposes.
Trials
Noumi CEO knew of ‘dramatic’ gap between reporting and reality, ASIC says
Kicking off its case against former Noumi CEO Rory Macleod, ASIC has told the court that Macleod was clearly aware of the "dramatic" difference between actual available stock and what was reported to the market in 2019 and 2020.
Class Actions
NSW Supreme Court judge says up-front CFOs in class actions a ‘no-brainer’
A NSW Supreme Court judge looking to bring class actions back to the state says legislation that would allow common fund orders at an early stage of proceedings was a "no-brainer".
Class Actions
Judges should consider AI in class action beauty parades, costs assessor says
A costs assessor that works in class actions said she'll be scrutising whether firms deploy AI to save costs and suggested judges should consider firms' uses of AI when deciding carriage fights.
Chambers Russell Lawyers
ASIC director says door open for new way to prove corporate wrongdoing
An executive director at ASIC has said the High Court has “opened the door” for regulators to rely on a new way to prove corporate wrongdoing that does not require establishing that individuals within a company had a wrongful intent or relevant knowledge.
Courts
Judge’s ‘extraordinary’ swipe at peers may do more harm than good: expert
A judge's public shaming of colleagues for delays in judgment delivery was an "extraordinary intervention" that risked undermining confidence in the judiciary, an expert warns, as the federal Attorney-General says a judicial commission remains under consideration.
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”.
Trials
‘Everyone had a chance’: Magnamail denies prize draw promotions were misleading
Mail order company Magnamail has denied allegations by the Australian Competition and Consumer Commission that it sent false or misleading promotional material implying customers were eligible for major prizes if they ordered from its catalogues.
ASIC
Judge questions Macquarie getting large chunk of $102M Keystone payout
A judge has questioned whether Macquarie Financial should get 70 per cent of an interim $102 million distribution to people who sank their retirement savings into Keystone’s Shield Master Fund, which is being investigated for misuse of investor funds.
