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.
Australian rail freight operator Aurizon has launched a lawsuit against US-based shortline railroad firm Genesee & Wyoming seeking damages over the impending sale of its Australian assets.
The ABC is challenging a court ruling last month that rejected its bid to access documents behind the Australian Federal Police’s warrant to search its headquarters and partially blocked an application to amend claims in its case over the legality of the raid.
Pharmaceutical company Generic Health has told the Federal Court that, on advice from their solicitors, Otsuka and Bristol-Myers Squibb “deliberately” chose not to disclose their reasons for an admission in a long-running patent case over the anti-psychotic drug Abilify, which they are now seeking to withdraw.
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.
Facebook has come out against some of the competition watchdog’s recommendations in its final digital inquiry report and warned against the risk of pandering to powerful Australian media companies with regulation aimed at reining in rivals.
A Federal Court judge has dismissed an application by GetSwift to delay the hearing of a shareholder class action against it, despite arguments that a judge would need to be “superhuman” to hear the trial immediately after a civil penalty hearing brought by ASIC against the logistics company.
Activist US short seller Bonitas Research has welcomed legal action filed against it by agricultural fund manager Rural Funds Group as a chance for “investors to know the truth”, while also doubling down on the accusations of fraud at the centre of the case that sent the group’s share price plummeting.
The plaintiffs in one of two shareholder class actions brought against troubled sandalwood producer Quintis have complained about potential delays that could result from the “overly complicated loss theory” being advanced in a parallel class action.
BVivid has become the latest telco to cop penalties from the consumer watchdog over National Broadband Network marketing, after it admitted to cold-calling consumers and telling them they would be disconnected if they did not immediately switch over.