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Worrells partner wins costs from ASIC for incoherent pleading
Restructuring & Insolvency 2021-05-14 3:22 pm By Cat Fredenburgh

A Worrells liquidator facing ASIC proceedings seeking to have his registration cancelled has won costs from the regulator after a judge found he was entitled to a “coherent pleading” and ordered the regulator to file a statement of claim.

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ASIC bans former Theta director over defective product disclosures
Financial Services 2021-05-14 2:25 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has banned the former managing director of collapsed financial services provider Theta Asset Management from providing financial services for four years, after a court hit the company with a $2 million penalty for issuing defective product disclosure statements for a property investment scheme targeting retirees.

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OTC trader wins more time to respond to ASIC’s 2,000-page pleading
ASIC 2021-05-13 3:32 pm By Miklos Bolza

A judge has granted OTC trader EuropeFX more time to file its defence to an 80-page statement of claim and over 2,000 pages of particulars filed by ASIC in its case accusing the company of knowingly exposing its Chinese customers to criminal charges.

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Quintis class action settlement to drag on with insurers’ appeal
Appeals 2021-05-10 5:03 pm By Cat Fredenburgh

Two insurers have appealed a ruling that could provide a further $11.25 million to group members in a class action against sandalwood producer Quintis, further delaying finalisation of a settlement reached in the group proceeding over a year ago.

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Woolworths entitled to recoup loss in train derailment despite ‘force majeure’ event, judge says
Contracts 2021-04-14 6:34 pm By Miklos Bolza

Supermarket giant Woolworths can recoup losses from a 2014 train derailment in South Australia despite a contractual clause excluding force majeure events, the NSW Supreme Court has found.

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Quintis class action settlement could get $11M boost after insurers come up short
Insurance 2021-04-06 3:10 pm By Miklos Bolza

A lengthy dispute over insurance in a settled class action against sandalwood producer Quintis has been resolved, with the Federal Court rejecting a challenge by two insurers to the rectification of policies that could provide a further $11.25 million in recoveries to group members.

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McDonald’s franchisee says 10-minute paid rest breaks could be split up over shift
Employment 2021-03-30 12:51 pm By Cat Fredenburgh

A McDonald’s franchisee accused of failing to give employees paid rest breaks has hit back at a lawsuit filed by the retail workers’ union, arguing its employees took their entitled breaks, but sometimes in a “non-continuous” manner.

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Builder not on the hook for $12M in damages for Lacrosse building fire, appeals court says
Construction 2021-03-29 3:58 pm By Cindy Cameronne

An appeals court has found that building company LU Simon should not pay $12 million in damages for a 2014 fire which broke out in Melbourne’s Lacrosse tower and was accelerated by Alucobest cladding panels since the company had relied on consultants’ advice in choosing the cladding material.

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Judge won’t entertain defective defence argument in negligence case against K&L Gates
Colin Biggers & Paisley 2021-03-25 10:22 pm By Christine Caulfield

K&L Gates has fended off a mid-case bid for costs by former clients who are seeking $3 million in a negligence lawsuit and told a court on Wednesday they wasted money responding to a “defective defence” by the law firm.

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Banksia silk’s refusal to give evidence while seeking to reopen defence ‘inexcusable’, judge says
Class Actions 2021-03-24 4:56 pm By Christine Caulfield

Allowing former senior barrister Norman O’Bryan to reopen his defence in the Banksia class action while “avoiding the witness box” was clearly prejudicial, and futile to boot, a judge has said in his reasons for refusing the silk’s last-minute application.

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