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Insurer Holland has been hit with a $2 million penalty over claim delays which ASIC argued warranted a $30 million penalty, the first civil penalty against an insurer for breaching its duty of good faith.
Construction PRO
Builder Hansen Yuncken is seeking preliminary discovery from the Victorian government as it mulls proceedings alleging the state interfered with the independence of a superintendent in relation to a $156 million contract to expand the Barwon prison near Geelong.
The Australian Securities and Investments Commission is seeking $30 million in penalties in its case against Hollard Insurance over delays in assessing the claims of a couple over damage to their home from a storm.
A judge has declared super fund trustee Netwealth breached the Corporations Act in offering the First Guardian fund on its investment platform, which left more than 1,000 members exposed to $100 million in losses.
The corporate regulator has sought court declarations against super trustee Netwealth over the failed First Guardian investment fund, which along with the collapsed Shield is believed responsible for $1 billion in losses.
A judge has pushed out freezing orders against the former chief investment officer of failed investment firm Falcon Capital, dismissing the excecutive's complaint that he was leaning on friends to pay bills.
A former director of defunct Falcon Capital has won a fight with ASIC over a proposed travel ban extension, following an emotional plea to a court in which he claimed to be a whistleblower.
A self-represented former director of the defunct Falcon Capital has told a court he has emails that clear him of claims by ASIC, but the corporate regulator said the documents may contain privileged information.
The corporate watchdog’s first case under internal dispute resolution regulations has had mixed results, with a court finding compliance failures by Telstra Super but no under-resourcing.
The receiver for a Falcon Capital fund under investigation by ASIC wants a role in selling director Simon Selimaj’s valuable artwork, including a $70,000 Albert Tucker painting, which is allegedly needed to cover legal fees.