The Australian Securities and Investments Commission has won its case against IOOF unit RI Advice, with a judge finding the financial services firm failed to ensure its advisers acted in the best interests of clients and did not give inappropriate advice.
ASIC’s case accusing Westpac of insider trading before the $16 billion privatisation of electricity provider Ausgrid should be heard “as quickly as the court can deal with it”, a judge has said.
A settlement reached in a lawsuit by the liquidators of collapsed steel giant Arrium against 10 former company directors accused of insolvent trading has been approved by a judge, who noted that while the settlement amount was “substantial”, the deal involved a “substantial compromise”.
Industry super funds AustralianSuper and IFM Investors – the consortium behind the interest rate swap at the centre of the corporate watchdog’s insider trading case against Westpac — have asked a judge to shield commercially sensitive information from the public as the high-profile action unfolds.
Freedom Foods’ dispute with Blue Diamond Growers over an almond licensing deal will be heard by an arbitrator in California after an appeals court rejected the company’s plea for an Australian judge to determine the case.
Westpac has argued that ASIC should flesh out its case accusing the banking giant of insider trading before the $16 billion privatisation of electricity provider Ausgrid, saying the regulator has not explained the nature of the alleged inside information.
A judge has refused an application by US almond supplier Blue Diamond for over $200,000 in security for costs in proceedings over a disputed licensing deal with Freedom Foods, saying it should have been evident that the bid was “unjustified”.
A mid-trial settlement has been reached in a lawsuit brought by the liquidators of collapsed steel giant Arrium against 10 former company directors and officers for allegedly engaging in insolvent trading.
Westpac will recoup the majority of proceeds from the $29.6 million sale of collapsed fintech Sargon Group, with a judge calling the company’s liquidators “anxious sellers” who sold at speed and well below market value.
Insurance broker Jardine Lloyd Thompson has lost its bid to shut down a class action brought on behalf of NSW local councils, with a judge finding it was “entirely appropriate” for the case to proceed as a class action.