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Priceline class action on verge of collapse as funder withdraws
Class Actions 2022-02-18 1:18 pm By Cat Fredenburgh

The funder that was bankrolling a class action alleging pharmacy giant Priceline exercised an “overly prescriptive level of control” on franchisees which limited their profitability has withdrawn its support for the proceeding.

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New funder signs on for Mesoblast shareholder class action
Securities 2022-02-18 10:58 am By Cat Fredenburgh

A new funder is backing a shareholder class action that will be brought against Australian regenerative medicine company Mesoblast over disclosures related to its Remestemcel-L treatment for COVID-19 complications.

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Class action against Suncorp unit wants opt out notice delayed till eve of trial
Insurance 2022-02-18 1:55 pm By Christine Caulfield

The law firm behind a consumer class action against Suncorp subsidiary AAI over add-on car insurance says notices to group members should not be sent until the case is ready for trial and the “information asymmetry” is corrected.

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Judge finds ‘no immediate threat’ of harm in ASIC’s contempt case against Mayfair’s Mawhinney
ASIC 2022-02-18 4:19 pm By Bianca Hrovat

The Australian Securities and Investments Commission has lost an interim injunction bid against the director of investment firm Mayfair 101 in its case seeking a contempt finding, despite arguing there was a substantial risk of harm to consumers.

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Jones Day recruits leading energy partner from Clayton Utz
Business of Law 2022-02-18 1:40 pm By Bianca Hrovat

US law firm Jones Day has nabbed leading energy and natural resources partner Dan Howard from Clayton Utz after more than 26 years with the firm.

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Viterra to pay $168.9M for misleading Cargill during Joe White sale
Corporate 2022-02-17 2:05 pm By Cat Fredenburgh

Grain producer Viterra will be ordered to pay Cargill Australia $168.9 million after a judge found the Glencore-owned company  misrepresented the performance capabilities of malt producer Joe White when it sold the company for $420 million in 2013.

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Aware Finance cops $20M penalty in ASIC fees for no service action
Financial Services 2022-02-17 9:04 pm By Sam Matthews

Aware Finance, formerly StatePlus, has been fined $20 million for charging over 25,000 customers approximately $50 million for services they did not receive. 

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Law firm accused of giving bad tax advice on $3B Wyndham Vale development
Professional Negligence 2022-02-17 4:48 pm By Cat Fredenburgh

Melbourne farmers-turned-developers the Bozzo family have sued a national law firm for allegedly giving bad tax advice on the $3 billion Wyndham Vale development in Melbourne’s west, situated on 482 hectares of land the family purchased in 1994.

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Bell Potter targeted in AUSTRAC probe over anti-money laundering compliance
Financial Services 2022-02-17 11:09 pm By Christine Caulfield

Financial crimes watchdog AUSTRAC is investigating whether three companies in the Bell Financial Group have contravened anti-money laundering and counter-terrorism financing rules.

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ACCC faces tough questions in appeal of NSW Ports competition case
Competition & Consumer Protection 2022-02-17 2:15 pm By Christine Caulfield

An appeals court grilled counsel for the ACCC on the first day of a hearing challenging the dismissal of its case over a NSW government deal to privatise two ports, calling on the lawyer to spell out how the state was alleged to be in competition with the consortium that took over the ports.

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