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The Australian Securities and Investments Commission chair James Shipton has clarified the regulator's "why not litigate" approach to enforcement, saying it does not mean "litigate first" or "litigate everything".
The writing may be on the wall for common fund orders in class actions that put all unregistered group members on the hook for a litigation funder's commission, after the High Court agreed Wednesday to take up landmark challenges by Westpac and BMW, experts say.
The Australian Securities and Investments Commission has dropped its probe into Blue Sky over possible violations of its continuous disclosure obligations, but the fund manager still faces three active shareholder class action investigations.
The High Court has upheld an appeal by a mortgage broker with a history of run-ins with the law, finding that the Administrative Appeals Tribunal could not take spent convictions into account when reviewing ASIC ban orders.
The High Court has granted applications by Westpac and BMW to weigh in on the validity of common fund orders made in class actions, a decision that could have major ramifications for the way representative proceedings are funded.
A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.
A court has thrown out a $75 million compensation claim filed by an investor in a Ponzi scheme alleging liquidator Grant Thornton Australia and its lawyers Colin Biggers & Paisley failed to return his funds expeditiously.
APRA has been ordered to hand over all of its correspondence with fellow regulator ASIC relating to former IOOF chairman George Venardos, as he prepares to argue privilege over discovery that might incriminate him in any possible ASIC proceedings.
The Bank of Queensland has criticised a judgment which found the bank's insurance policy left it on the hook for a $6 million settlement of a class action brought by investors in a multi-million dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
A battle over expert evidence in an invester class action against Fitch Ratings has delayed this month's scheduled trial in the case by three months and forced the court to send the parties' experts into conclaves.