Another failed class action is headed to the Full Court, with a case against ex-CBA unit Count Financial appealing a ruling that found advisors did not breach their duty to act in their clients’ best interest.
A judge has dismissed a class action against ex-CBA unit Count Financial alleging that it breached it duty to act in clients’ best interests and ensure adviser remuneration was free of conflict.
The former CEO of the Star was not responsible for every aspect of the business and instead played a “supervisory role”, a court has heard in ASIC’s case over the casino’s money laundering failures.
Star Entertainment’s management and board cannot shirk responsibility for turning a blind eye to money laundering risks by pointing the finger at each other, ASIC has told a court.
On questioning by a judge, Star’s former top lawyer has denied making a mistake by failing to tell the board about issues with junket Suncity in May 2018, but said her view was different now with hindsight.
During trial on Monday, ASIC also accused Star’s former top lawyer of giving false evidence about alleged cash for chip transactions in junket operator Suncity’s VIP room.
The Star’s former CEO has told a court he thought a general counsel was “painting very dramatic pictures” when he voiced concerns about cash transactions in junket operator Suncity’s VIP room.
A judge has questioned the former CEO of Star about a report that contained “startling” information about the casino’s significant junket operator Suncity that linked it to organised crime.
Facing a grilling at trial in ASIC’s money laundering case, Star’s former boss has been accused of giving a false account of a conversation he had with the casino operator’s head of due diligence.
As the High Court hears oral arguments this week on the reach of power to make common fund orders for firms and funders bringing class actions, Lawyerly gives a cheat sheet on what the justices could do.