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Mining magnate Clive Palmer has attacked a class action by timeshare owners of the ill-fated Palmer Coolum Resort on two fronts, arguing that a special levy to fund the action breached the Corporations Act and seeking to strike out significant portions of the case.
Funding for a class action over the troubled Coolum Palmer Resort has been temporarily blocked while a company owned by Clive Palmer appeals a judgment in a separate lawsuit lodged by the billionaire to thwart the class action.
A company owned by Clive Palmer is appealing a ruling that denied its bid to temporarily block funding for a class action over the troubled Coolum Palmer Resort.
A company owned by mining magnate Clive Palmer has lost its bid to temporarily block funding for a class action over the troubled Coolum Palmer Resort, with the Federal Court finding that special levies garnered from villa owners to back the proceedings were above board and legal.
The Australian Prudential Regulation Authority will not challenge a Federal Court ruling that dismissed its case against fund manager IOOF as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”.
The prudential regulator is standing by its decision to bring proceedings against IOOF for alleged breaches of superannuation duties, despite criticism that such a "highly litigious regulatory environment" is placing immense pressure on financial services executives.
APRA’s purely documentary case against troubled fund manager IOOF has been dismissed by the Federal Court as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”, in another major blow to financial services regulators pursuing action in the wake of the banking royal commission.
Five IOOF executives will learn their fate this week when a judge rules on a disqualification bid by the prudential regulator, the first judgment to be delivered by a court in a case filed in the wake of last year's scandal-airing banking royal commission.
A judge has refused to order the removal of a selfie photograph with model Kylie Jenner from the personal Instagram account of the former CEO of a trendy Australian sunglasses retailer, saying such an injunction would intrude on her “personal freedom”.
Lawyers for IOOF chief financial officer David Coulter have dismissed APRA’s allegations that he breached his superannuation duties as commercially “naïve”, “absolutely desperate” and a "most egregious example” of impulsive regulatory enforcement action.