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".
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".
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
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.
Discrimination
Giggle for Girls asks High Court to undo discrimination win for trans woman
Social media app Giggle for Girls has asked the High Court to reverse a finding that it committed direct discrimination on the basis of gender identity by excluding a transgender woman from its platform.
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.
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.
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.
