Shareholders of Commonwealth Bank have lodged expected appeals challenging a decision tossing their class actions over alleged lax money laundering compliance, giving the Full Federal Court a chance to clarify when companies must disclose regulatory investigations.
A judge that tossed two shareholder class actions against the Commonwealth Bank of Australia has found the bank did not have to alert investors to the possibility of AUSTRAC proceedings, saying investors did not expect to be apprised of the “toings and froings” of regulatory investigations.
Two class actions have failed to convince a judge that the Commonwealth Bank of Australia’s money laundering compliance failure which led to a $700 million penalty was “law breaking on a grand scale” that should have been disclosed to the market, the latest shareholder case to flop after being taken to trial.
The High Court is set to weigh in on a challenge to a precedent-setting decision that found breaches of statutory duty under a provision of the Design and Building Practitioners Act are not apportionable, in a case with significant ramifications for the NSW construction industry.
A judge has ordered Qantas to hand over instructions it gave to its solicitors at Herbert Smith Freehills that underpinned advice over the airline’s decision to sack 1,700 ground crew during the COVID-19 pandemic.
Awaiting judgment in Federal Court class actions by shareholders over its money laundering risk disclosures, the Commonwealth Bank will ask the court to reopen the case to consider the relevance of two recent decisions that found shareholders in other class actions had failed to prove loss.
Former Dick Smith CFO Michael Potts is on the hook for paying $57 million in damages to National Australia Bank after the High Court on Wednesday revoked its grant of special leave, finding he did not raise a legal question of public importance.
A judge has admonished the Transport Workers Union for relying on test cases to decide compensation for 1,700 ground crew who were sacked during the COVID-19 pandemic, saying it should instead bring a class action.
The High Court has denied a bid for special leave by the Commonwealth Bank and other lenders to challenge a ruling that found two Arrium directors did not mislead them about loan drawdown notices ahead of the steel company’s $2.8 billion collapse.
Two former Dick Smith executives have settled with the receivers of the defunct electronics retailer, dropping a High Court appeal over an $11.8 million ruling.