A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.
Superannuation provider Statewide Super has been ordered to pay a $4 million penalty for an administrative error that saw around 12,500 fund members charged for insurance they did not receive.
A Fairfax journalist and his employer have been ordered to pay $400,000 for making “baseless” accusations of fraud and unethical market manipulation against the co-founder of an Australian blockchain-based energy trading platform.
Dixon Advisory faces a second class action on behalf of investors who claim they suffered significant financial loss when the advice firm and its directors allegedly encouraged the purchase of high risk, high fee securities for their own financial gain.
A judge has rejected an “audacious” attempt by McMillan Shakespeare to recoup a surplus of funds left over after a $9.5 million class action settlement was distributed to registered group members.
Beleaguered investment group Mayfair 101 will have to pay a $30 million penalty after a judge found a $12 million penalty proposed by ASIC was “insufficient”.
The lead applicant in a superannuation class action against two IOOF units has successfully appealed a decision that barred the case from proceeding under a carveout in Victoria’s Supreme Court Act forbidding class actions involving trust property.
The Morrison government has denied that it has any obligation to disclose climate change risks to investors of its sovereign bonds as it defends a world first class action alleging global warming is a material risk to the bond market.
Payday lender Nimble has succeeded in blocking its largest shareholder from accessing company documents relating to an impending debt refinance, with a judge finding the company’s financial woes were due to COVID-19 and not improper conduct by management.
A judge has criticised the Australian Securities and Investments Commission for treating timetabling orders in its insider trading case against Westpac over a $16 billion interest rate swap as though they were “traffic lights in Naples”.