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A judge who eviscerated a prior bid by a law firm and funder to take home 60 per cent of a $5 million class action settlement with Tyro has allowed them to net half of the proceeds, questioning whether some of the costs amounted to a “complete breach” of legal professional duties.
A lawsuit by the liquidators of Sargon Capital alleges law firm King & Wood Mallesons “refused or neglected” a demand to return over $540,000 in alleged unfair preference payments and should have known the fintech was insolvent when the payments were made.
The Australian Securities and Investments Commission has hit fintech Humm Group with an interim stop order barring it from issuing buy now, pay later products to new customers.
Payments processing company EML has hit back at a shareholder class action over its alleged failure to disclose Ireland central bank’s concerns about its anti-money laundering and counter terrorism financing compliance, claiming swathes of the case are liable to be struck out.
Buy now, pay later services will soon be regulated as credit products under proposed changes to the law flagged by the federal government amid concerns about financial risks the service poses to consumers.
IP Australia has rejected an application by US technology company Block to patent a mobile payment method, saying it does not describe a manner of manufacture -- the threshold requirement tripping up many claimed computer-implemented inventions.