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Benjamin Hornigold sues ex-directors, investment manager over $4M in loans
Financial Services 2023-10-10 3:25 pm By Cindy Cameronne

Investment fund Benjamin Hornigold has sued two former directors and its investment manager John Bridgeman Limited over a decision to enter into $4 million in loans.

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Virgin Australia lobs cross-claim in bondholder class action
Class Actions 2023-10-09 10:26 pm By Sam Matthews

A bondholder class action against Virgin is heating up, with the airline filing a cross-claim seeking the court’s approval to demand periodic payments from the applicant to cover its costs under a contentious indemnity clause.

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Crypto is ‘not money’: Finder Wallet fights ASIC case
Cryptocurrency 2023-10-04 9:33 pm By Cindy Cameronne

Finder Wallet has argued it did not need a financial services licence to sell its crypto product Finder Earn because it was not money, but instead allowed customers to purchase an asset and acted as a marketing tool to funnel users to its app. 

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AMP agrees to talks in BOLR class action despite appeal
Financial Services 2023-10-04 3:19 pm By Christine Caulfield

AMP and a group of financial advisers in a class action over changes to the firm’s buyer of last resort policy have agreed to another round of mediation, even as the wealth manager appeals a judge’s liability finding.

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Qld tech firm denies using confidential info for battery patent applications
Intellectual Property 2023-10-02 10:00 pm By Cindy Cameronne

Queensland technology company Anteotech has hit back at a lawsuit claiming it misused Ferroglobe’s confidential silicon samples in a patent application after a failed collaboration, saying the global speciality metals producer acquiesced to the use. 

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Epic Games cases against Google, Apple to run alongside class actions
John Sheahan 2023-09-28 10:11 pm By Cindy Cameronne

A judge has ordered lawsuits by Fortnite owner Epic Games against Apple and Google to be heard together with class actions against the tech giants on behalf of app developers and customers who accuse them of distorting competition in the app marketplace.

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AMP appeals financial advisers’ win in BOLR class action
Appeals 2023-09-27 11:06 pm By Christine Caulfield

AMP has appealed its loss in a class action over changes to its buyer of last resort policy, under which the wealth manager slashed the amount it would pay financial advisers for their books of business.

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Grocon can’t shield legal advice over Barangaroo sight lines
Construction 2023-09-25 2:21 pm By Sam Matthews

Grocon has taken a hit in its $270 million lawsuit against Infrastructure NSW over a stalled $2 billion Central Barangaroo development project, with a judge finding the developer’s CEO waived privilege over legal advice it received on the sight line rights of Lendlease and Crown.

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NAB ordered to pay ‘woefully insufficient’ penalty in ASIC fee case
Financial Services 2023-09-22 10:02 am By Cindy Cameronne

A judge has ordered National Australia Bank to pay just one-fifth the $10 million penalty proposed by ASIC for overcharging customer fees, taking aim at the regulator’s concise pleading and saying the maximum penalty he could order was “woefully inadequate”.

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Compensation for Privacy Act breaches requires class members to prove loss: judge
Privacy & Cybersecurity 2023-09-18 4:35 pm By Sam Matthews

Victims of privacy breaches must demonstrate actual loss and damage to be eligible for compensation, according to a judge who has given asylum seekers who secured a ruling from the Privacy Commissioner a second chance at proving loss from the public disclosure of their personal information.

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