ASIC
Union Standard cops record $300M penalty for ‘egregious’ misconduct
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.
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.
Competition & Consumer Protection
Suit over $36M Bunnings Queensland store a ‘significant’ competition matter, 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.
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.
James Mack
Cement Australia loses bid for separate question in fight over $1.2M asbestos claim
Cement Australia has lost its bid to have a construction issue relating to a deed of release in a fight with a defunct subsidiary over a $1.2 million asbestos claim determined ahead of trial.
Competition & Consumer Protection
Hismile to pay $140K for allegedly 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 allegedly false and misleading social media advertisements.
Competition & Consumer Protection
Shipping company amends contracts over ACCC competition concerns
A shipping and logistics company that services remote communities in the Northern Territory and Far North Queensland has amended its contracts with remote customers, after the ACCC expressed concerns about anti-competitive clauses.
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.
Employment
Smith Family to pay $5.9M to shortchanged staff in deal with FWO
Children’s charity The Smith Family will pay $5.9 million to hundreds of underpaid workers following an investigation by the Fair Work Ombudsman.
Privacy & Cybersecurity
Optus failed to take reasonable steps to protect White Pages data: report
The Office of the Australian Information Commissioner has found telco Optus failed to protect the data of customers whose personal information was listed in the White Pages after they sought an unlisted number.
