In a loss for the Australian Securities and Investments Commission, a judge has found that comparison website Finder did not need a financial services licence to sell its cryptocurrency product Finder Earn because it was not a financial product.
Digital currency exchange Block Earner needed a licence to offer its crypto-backed Earner product, a court has found in one of the first decisions on the application of financial services law to crypto investments.
Finder Wallet has argued it did not need a financial services licence to sell its crypto product Finder Earn because it was not money, but instead allowed customers to purchase an asset and acted as a marketing tool to funnel users to its app.
Japanese bank SMBC has foreshadowed an application to add claims against Humm Group after the fintech’s subsidiary allegedly misled the bank about receivables under contracts forged by a Forum Group entity.
A $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.
Liquidators of failed tech company GetSwift have foreshadowed an objection to a $1.5 million settlement going to shareholders in a class action that a judge has labelled a “disaster”.
A judge overseeing a shareholder class action against the now failed GetSwift has urged the applicant to decide soon if he will forge ahead with a problematic settlement, seek summary judgment or wait to see what comes of the parent company’s bankruptcy case.
A judge has stayed a class action on behalf of 6,000 women allegedly injured by defective pelvic mesh devices after Astora Women’s Health filed for bankruptcy in the United States, but questioned how the company had suddenly come to have no assets.
A judge has paused a class action on behalf of 6,000 women allegedly injured by defective pelvic mesh devices pending determination of an application by Astora Health for a stay of the proceedings following its bankruptcy filing.
Several lenders have appealed a ruling that found they failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse, saying it was a “no brainer” that the company was in dire straits when its directors sought extra funds.