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Auditor KPMG has hit back at a shareholder class action over water treatment business Phoslock’s alleged accounting irregularities, saying it should be completely relieved from paying damages since it acted honestly.
A judge has said ASIC should have known that its case against four TerraCom directors over statements made to investors had no prospects of success, calling one of its submissions “unworthy of the corporations regulator”.
One of two law firms running competing class actions against Coles and Woolworths over alleged illusory discounts has bowed out, leaving its rival to pursue the cases for consumers.
ASIC has told a court that a PwC report into allegations of inaccurate coal pricing found that 12 “inconsistent” invoices issued by TerraCom resulted in a $1.15 million benefit to the company, contrary to the company's claim that the audit found no wrongdoing.
Penalty proceedings in ASIC's case against coal producer TerraCom have been put on ice until the regulator’s suit against the company’s directors goes to trial.
Construction PRO
Cladding maker 3A Composites has lost its bid to set aside a cross-claim in a suit against the builder of the Tempo residential towers in Botany Bay over allegedly flammable aluminium composite panels.
Coal producer TerraCom has agreed to pay $7.5 million to resolve ASIC proceedings alleging it made misleading statement to the market that damaged a whistleblower's reputation.
A class action against CMC Markets has won access to data thought to reveal that approximately 2,500 customers who failed screening tests for risky financial products were nevertheless permitted to trade.
Clorox has been hit with a $8.25 million penalty for representing to consumers that certain GLAD garbage bags were sourced from plastic fished from the ocean.
The trustee for Active Super has been ordered to pay a $10.5 million penalty for misleading members about its investments in gambling, oil tar sands and Russian companies.