Companies

Under pressure from parliamentary committee members, KPMG said late Friday it would waive privilege and hand over investigation reports from Allens and Ashurst, after initially resisting orders for documents.

Facing the hotseat over KPMG's treatment of a whisteblower, the accounting giant's former CEO Andrew Yates told a parliamentary committee hearing on Friday he took accountability and was not a "bad apple".

A senator has criticised KPMG for claiming a commitment to transparency while also maintaining legal professional privilege over advice from Allens and Ashurst into the alleged misuse of confidential information.

ASIC’s chair says the corporate cop is investigating individuals at KPMG for alleged misuse of confidential information belonging to Lendlease and Optus to win new work, but says it is hamstrung by current law from undertaking a broader probe. 

A judge has shot down a bid to add a negligence claim to a class action on behalf of Queensland motorists over allegedly excessive toll charges, finding allegations the government owed a duty of care were likely to be struck out.

A shareholder class action against water treatment firm Phoslock wants the company to hand over reports by KPMG and FTI Consulting, arguing the material is not protected by legal professional privilege because it wasn't produced for the dominant purpose of providing legal advice.

SkyCity has agreed to pay a $21 million fine in an agreement with the South Australian gambling authority following an inquiry by former Supreme Court Justice Brian Martin which found historical compliance and governance failures.

Lendlease chair John Gillam has said the company's board was “deeply discontented” with KPMG’s alleged misuse of its confidential information but was stuck with the accounting firm until the end of the financial year. 

The lead shareholder in class actions against CBA has urged the High Court to take a "common sense" approach to loss causation in securities cases, as endorsed by the Full Federal Court in last month's ruling for Worley's investors.

Law firm Allens has told a parliamentary committee that a court should weigh in on whether parliament's powers to compel information overrode KPMG's legal privilege, as the auditor resists orders to produce documents.