The Australian Securities and Investments Commission has brought legal proceedings against four directors of Linchpin Capital Group, the latest action over the financial services firm that allegedly funnelled $11 million of investor funds into unauthorized business and personal loans.
Business lobby association Ai Group is calling on federal crossbench senators to oppose a move by Labor to block litigation funding rules introduced by the Morrison government aimed at curbing class actions.
Coal miner Adani has lost its bid to search the home of a protester seeking to block its Carmichael Mine project in central Queensland, with a court ruling it had not cleared the bar for the “unusual and extraordinary” orders.
Construction giant Boral must now contend with three class actions by shareholders alleging it failed to disclose financial problems with its US windows business, but the cases will stay on ice pending a High Court challenge.
Just four months after paying $32 million to settle a shareholder class action over disclosures relating to allegations of foreign bribery, engineering services company CIMIC faces another class action, this one alleging failures to keep the market informed about issues with its Middle East operations.
The Labor party will look to cross benchers in the Senate to overturn the Morrison government’s new rules governing class action funders, saying the regulations would make litigation more expensive.
A judge has signed off on a settlement that releases ANZ from two class actions by 7-Eleven franchisees that alleged the bank engaged in unconscionable conduct and breached responsible lending laws by providing loans to purchase outlets of the convenience store giant.
Former celebrity advisor Sam Henderson, who was slapped with a three-year financial services ban last year after his appearance at the banking royal commission, has pleaded guilty to dishonesty and defective disclosure offences after falsely telling clients he had completed a Master of Commerce degree.
Hotel quarantines and mandatory masks are less effective than Western Australia’s border closure in controlling the health risks of a COVID-19 outbreak, a judge has ruled in a win for the state as it defends its strict pandemic-battling measures against a constitutional challenge by billionaire Clive Palmer.
Treasury Wine Estates has challenged a ruling that Maurice Blackburn did not breach its obligations by using material from a now settled class action against it to draft new class action pleadings.