Luke Livingston

Dexus has claimed legal professional privilege prevents fellow owners of airport operator APAC from accessing tens of thousands of documents as they prepare for trial over an alleged breach of a shareholder deed.

The High Court has declined to hear an appeal of a ruling that found the directors of payday lenders Cigno and BSF are liable for the companies' unlicensed credit activity.

The trustee for shareholders that want to retain their Dexus-managed stake in Australia Pacific Airports Corporation can't be separately represented from the selling group, a judge has ruled in a case that pits APAC's investors against each other.

Real estate asset manager Dexus wants information that the Asia Pacific Airport Corporation gave to several consultants in a court battle over allegations it breached a shareholder deed in selling a stake in the airport operator. 

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.