Luke Livingston

The directors of payday lenders Cigno and BSF have filed for special leave to appeal a decision that found them liable for unlicensed credit activity, saying the case raises fundamental questions about the scope of accessorial liability.

Payday lenders BSF Solutions and Cigno have lost an appeal in action by ASIC alleging they engaged in unlicensed credit activity and charged prohibited fees, in the case's second run up to the Full Federal Court.

The corporate regulator says defunct forex broker Union Standard and its agents should be hit with $300 million in penalties for their tactics in pressuring customers to trade in risky financial products. 

Real estate asset manager Dexus will cover the legal costs of shareholders whose stake in Australia Pacific Airports Corporation hangs in the balance, as it reveals a $55 million book value increase.

The date has been set for a court battle over Dexus' sale of shares in Asia Pacific Airport Corporation, a fight the operator of Melbourne and Launceston airports says needs 10 hearing days.

Dexus' denial of a breach of confidentiality in a battle with co-owners of airport operator APAC is unlikely to hold up, a judge has said, and what appears to have been done can't be undone. What the high-stakes row will come down to, he says, is materiality.

A judge has found that representatives for forex broker Union Standard used unfair tactics to pressure customers to invest in risky financial products and derived most of their revenue from customer losses, said to total $83 million.

ASIC has attacked an appeal argument by payday lenders BSF Solutions and Cigno that athough they offered short-term loans, the fees they charged had no link to the credit services.

Payday lenders Cigno and BSF Solutions have appealed a decision that found they provided credit without a licence, and rejected the claim that their loan model is analogous to buy now, pay later arrangements that don’t require a licence.

The Australian Securities and Investments Commission has prevailed in its case against payday lenders Cigno and BSF Solutions alleging they provided credit without a licence, with a judge rejecting their argument that their loan model was analogous to buy now, pay later arrangements that don’t require a credit licence.