ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.
Deloitte has settled a shareholder class action over its audits of collapsed construction group Hastie, a case which dragged on for six years as the accounting firm unsuccessfully fought to shield its audit reports.
AMP has set aside $50 million in its financial statement for the first half of 2023 to cover potential liability in a class action won last month by financial advisers over the wealth manager’s buyer of last resort policy.
After winning a rare injunction restraining the owners of a patent from threatening litigation, carparking technology company UbiPark has prevailed in its claim the threats — aimed at itself and its customers — were unjustified.
The Commonwealth Bank has failed again to dismiss a case brought by customers who claim they were the victims of a money laundering scam known as cuckoo smurfing and had funds seized as proceeds of crime.
The lead applicant in a class action against AMP Financial Planning on behalf of 542 advisers has won $813,000 in damages after a judge found it could not retreat from a promise to buy back adviser businesses at four times their revenue.
Trial in a protracted class action against Deloitte over the collapse of construction group Hastie has been abandoned, signalling a settlement is in the works.
CSIRO has won its bid to access samples of a wheat grain product with increased fibre, as it contemplates a possible patent infringement lawsuit against a South Australian food company.
An appeals court has said that while it might be desirable for law firms to disclose their involvement in drafting expert reports, they are not legally obligated to do so, overturning a finding that Corrs Chambers Westgarth went “far beyond the permissible scope” of involvement in a report prepared for a trade secrets case.
A judge has ordered MLC to pay $10 million for its “serious failure” to pay life insurance benefits to customers undergoing rehabilitation, in an ASIC case that also alleged the insurer failed to promptly update medical terms in policies.