Financial Services
HSBC to cop $35M fine in novel ASIC case over scam protections
HSBC has agreed to pay a $35 million penalty in ASIC proceedings after it admitted to serious failures in protecting customers from scams, but a judge is questioning whether the penalty is high enough.
Corporate
Ex-Star CEO, GC hit with $1.1M in penalties for money laundering failures
A judge has ordered the former CEO and chief legal officer of Star to pay a combined $1.1 million in penalties for failing to act on "obvious" money laundering risks, but said the fines would have been higher had ASIC not struck a "generous" settlement with other directors.
Business of Law
Allens says court should resolve KPMG privilege standoff
Law firm Allens has told a parliamentary committee that a court should weigh in on whether parliament's powers to compel information overrode KPMG's legal privilege, as the auditor resists orders to produce documents.
Cryptocurrency
High Court finds Block Earner’s crypto product a financial product
The High Court has unanimously sided with the corporate regulator in finding that cryptocurrency firm Block Earner's 'Earner' product was a financial product and a derivative and that it required a financial services licence.
Media
ARN settles with shock jock Kyle Sandilands for $12M
ARN Media has reached a $12 million settlement with radio personality Kyle Sandilands, who sued the network over its decision to scrap his 10-year $100 million contract following an on-air fight with co-host Jackie 'O' Henderson.
High Court
High Court slashes $800K exemplary damages win for Don Dale detainees
The High Court has slashed by 75 per cent the exemplary damages won by former youth detainees in Darwin who were unlawfully sprayed with tear gas, despite finding the conduct was "reprehensible".
Restructuring & Insolvency
Mosaic directors want Deloitte docs shielded amid $196M insolvent trading probe
Former directors of failed clothing retailer Mosaic Brands are claiming privilege over retainer letters between Deloitte and the company as special purpose liquidators investigate potential insolvent trading and directors duty breach claims.
Contracts
Honda wins appeal of $13.6M damages award for dealer
Honda has succeed in challenging a $13.6 million damages award to a former dealer whose contract was broken when the car maker transitioned away from a dealer model.
Class Actions
Sportsbet must hand over ATO audit docs in betting class action
Sportsbet has been ordered to provide a class action with audit position papers from the tax office, as the applicants look to interrogate whether the ATO might exercise its discretion to refund Sportsbet's payments if the company loses the case.
Appeals
REST appeals forced sale of Dexus shares in Melbourne Airport
Super fund trustee REST Nominees is the first of the Dexus bloc of APAC shareholders to challenge a finding that a default notice issued by the board of the airport operator was valid.
