Proposals by Australia’s banks to revise its code of conduct in line with the recommendations of the banking royal commission don’t go far enough, the consumer watchdog said Friday.
United Petroleum has been hit with legal action by the Fair Work Ombudsman, which accuses the petrol retailer of failing to produce records as part of an investigation of workplace breaches.
Supermarket giant Coles has lost an appeal over $40 million in tax credits it had claimed for fuel that evaporated or leaked from tanks at its service stations, after a judge described the supermarket giant’s argument as “artificial”.
The Australian Competition and Consumer Committee has flagged preliminary competition concerns and called for public submissions on a proposed sale by US-based timberland investment manager Resource Management Service of its Tasmanian assets.
IOOF subsidiary Australian Executor Trustees has been hit with an $80.6 million judgment after breaching its duty as trustee in the sale of a 42,000 hectare timber plantation by collapsed forestry giant Gunns Group, and it can’t pass the liability on to Spark Helmore, despite the law firm’s inadequate advice.
A group of Sydney commercial landlords whose properties were compulsorily acquired for the WestConnex project have lost an appeal seeking $56.5 million in compensation, after the Valuer-General offered them just over half that amount.
The competition watchdog has given Canadian dairy producer Saputo the green light to acquire Australian competitor Lion Dairy’s cheese processing plants, but has warned any further consolidation in the Tasmanian dairy sector would cause significant concern.
Fifteen former Macquarie Bank financial advisers are looking to expand their $2.6 million wages case against the bank, seeking evidence around allegedly unreasonable and unlawful deductions from their commissions.
Lawyers for former Citigroup executive Stephen Roberts have complained that prosecutors have failed to provide a “shred of material” to explain his alleged involvement in a criminal cartel relating to ANZ’s $2.5 billion capital raising, as the defendants fight to grill Crown witnesses before trial.
Explosives maker Dyno Nobel has reached a mid-trial settlement in its case against its major rival, Orica, over a patent for a method for blasting rock at open cut mines.