A judge has expressed concern about the Australian Securities and Investments Commission’s suspicion that a former director of Keystone Asset Management may have used investor funds to purchase a house in his wife’s name, calling it “alarming”.
The Australian Communications and Media Authority says a coding error on a dormant website that went undetected for four years was behind a massive data breach that exposed the information of close to 10 million Optus customers, with the regulator saying the hack was “not highly sophisticated”.
A court has found iSignthis and its former CEO Nickolas John Karantzis breached the Corporations Act in disclosures to the stock market about one-off revenue and the termination of the fintech’s business arrangement with Visa.
Sleeping Duck has defeated a minority shareholder’s case accusing it of engaging in oppression, with a judge rejecting claims the mattress company’s two founders diluted the shareholder’s interest and rejected commercially unreasonable offers to sell.
A judge overseeing several cases against Optus over a September 2022 data breach has raised the possibility of hearing a class action against the telco alongside new proceedings brought by the Australian Communications and Media Authority.
A Melbourne car dealer has largely lost a consumer law case against Honda Australia over its decision to abandon a dealership model, but is set to receive compensation for over 2,600 new vehicles it could have sold if Honda hadn’t ended its five-year contract early.
A judge has rejected Aussie Broadband’s bid to restrain internet service provider Superloop from acting on a sell order issued last month, calling the argument that Superloop issued the order for an improper purpose “a very weak” one.
Aussie Broadband is seeking to set aside a notice from the board of internet service provider Superloop directing it to sell down its 19.9 shareholding in the company, arguing the sell order was made for an improper purpose amid a “contested takeover battle” between the companies.
A judge has ruled hearsay evidence given by Ashurst solicitors is sufficient for Racing Victoria to bring a claim for legal professional privilege over documents ordered to be produced to Racing NSW, which alleges it was the victim of an anti-competitive plot.
Honda has admitted that it owes compensation to a Melbourne car dealer for a deliberate breach of contract following its decision to ditch a dealership model in Australia, but argues a $22 million damages claim by the dealer needs a “reality check”.