Class Actions
In CBA class actions, High Court asked to adopt Worley approach
The lead shareholder in class actions against CBA has urged the High Court to take a "common sense" approach to loss causation in securities cases, as endorsed by the Full Federal Court in last month's ruling for Worley's investors.
KPMG
KPMG slammed for ‘hiding behind’ legal professional privilege
A senator has criticised KPMG for claiming a commitment to transparency while also maintaining legal professional privilege over investigations done by Allens and Ashurst into the alleged misuse of confidential information.
Accounting
Former CEO of KPMG denies ‘bad apple’ tag, says he took accountability
Facing the hotseat over KPMG's treatment of a whisteblower, the accounting giant's former CEO Andrew Yates told a parliamentary committee hearing on Friday he took accountability and was not a "bad apple".
Lendlease
KPMG ‘gravely misused’ auditor position, Lendlease chair says
Lendlease chair John Gillam has said the company's board was “deeply discontented” with KPMG’s alleged misuse of its confidential information but was stuck with the accounting firm until the end of the financial year.
Gaming
SkyCity to pay $21M in settlement with SA gambling authority
SkyCity has agreed to pay a $21 million fine in an agreement with the South Australian gambling authority following an inquiry by former Supreme Court Justice Brian Martin which found historical compliance and governance failures.
Appeals
High Court asked to revive NULIS class action over $165M in conflicted remuneration
A failed class action against former NAB super fund trustee NULIS Nominees over $165 million in conflicted remuneration has asked the High Court to revive the case and provide clarity on the fees for-profit trustees can charge for their compensation.
Financial Services
Judge takes HSBC to task for late settlement with corporate cop
A judge has approved a $35 million penalty against HSBC in ASIC’s novel case over the bank's scam protection failures, despite questioning whether the punishment was severe enough given how long the case took to settle.
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.
Insurance
White Oak ordered to produce Sanjeev Gupta WhatsApp messages
US-based advisory firm White Oak, which has sued insurer IAL over the collapse of Greensill Capital, has been ordered to hand over WhatsApp messages between its former CEO and billionaire Sanjeev Gupta.
Business of Law
Clayton Utz closes out Big Six promotion season with 5 new partners
Clayton Utz has promoted five senior lawyers to its partnership, including a class actions specialist, the smallest round of promotions this year among the Big Six.
