A judge has slugged the Commonwealth Bank of Australia with a $7 million fine in proceedings brought by ASIC for excessive interest charged to thousands of overdraft customers, but noted the penalty amounted to profits from just six hours of operation for the Big Four bank.
The Attorney-General has appointed three new judges to the busy Federal Circuit Court, including the barrister who represented Bega in a high-stakes trade mark lawsuit brought by a rival.
The prosecution in a criminal cartel case against several banks and high-ranking executives over a $2.5 billion ANZ share placement has fought back against accusations that its indictment is “fundamentally flawed” and should be quashed.
A judge has allowed a German bank owned by Greensill Capital, which owes creditors over $1.75 billion, to temporarily avoid seizure of its assets as the bank seeks to have its German insolvency proceedings recognised in Australia.
A judge has ruled that a former ANZ trader who alleges he was fired after complaining about rate-rigging at the bank can amend his lawsuit after separate proceedings that accuse law firm HWL Ebsworth of withholding his client file are resolved, saying the HWL documents could contain a “golden nugget”.
A judge has refused to summarily dismiss proceedings by collapsed construction group JM Kelly against its former accountant, finding it was an issue for trial whether he caused the company to continue operating despite financial issues leading to its liquidation.
The manufacturer of Capilano honey has won its lawsuit alleging defamation over articles that called the product “toxic” and “polluted”.
The Australian Securities and Investments Commission will seek to drop all charges which were the subject of an arrest warrant against accused fraudster Melissa Caddick, after her remains were found on the NSW South Coast in February.
An appeals court has found that building company LU Simon should not pay $12 million in damages for a 2014 fire which broke out in Melbourne’s Lacrosse tower and was accelerated by Alucobest cladding panels since the company had relied on consultants’ advice in choosing the cladding material.
An appeals court has upheld a ruling that Qantas’ dispute with former executive Nick Rohrlach over his defection to competitor Virgin Australia should be heard in Singapore because it falls under an exclusive jurisdiction clause in his employment agreement.