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The ACCC’s rejection of a $4.9 billion merger between ANZ and Suncorp was hardly surprising given the concentrated nature of the home loans market, but the competition regulator faced an uphill battle in having the decision upheld, an expert says.
The ACCC’s decision to block a $4.9 billion merger between ANZ and Suncorp has been set aside, with a tribunal finding the transaction will not substantially lessen competition in the home loans market or for agribusiness and SME clients in Queensland.
ANZ has criticised the ACCC’s objection to its planned $4.9 billion merger with Suncorp, arguing before a tribunal that the alleged "uncertain" effects on competition in banking was not a sufficient reason to block the deal.
A retiring Federal Court judge who served on the bench for almost two decades has railed against court fees “that no ordinary person can afford” and overly complex legislation, including the Corporations Act, which he called a "blight on our community".
Former ANZ superannuation trustee OnePath Custodians has been hit with a $5 million penalty for charging superannuation members more than $4 million in fees that it was not entitled to.
'Serious and systemic' failures in Australian Clinical Labs' cyber framework left the pathology services provider vulnerable to a cyberattack that exposed the sensitive health data of more than 223,000 people, including tests for fertility and sexually transmitted diseases, according to the OAIC.
A judge has given a competition class action against AGL Energy another chance to secure funding, but imposed a “drop dead date” by which the proceeding will be dismissed if no funder is found.
A leading class action firm may seek compensation for those who were illegally detained after the High Court ruled that Australia's system of holding individuals indefinitely in immigration detention is unlawful.
Two units of electricity giant AGL Energy will pay penalties totalling $6 million for being unable to make good on their promise to be on standby to release electricity to help prevent blackouts.
A second law firm is likely to throw its hat in the ring to run a competing class action against Qantas over flight cancellations in the COVID-19 pandemic, but a judge has made orders trying to side-step a carriage fight, criticising them as “wasteful and expensive”.