Gadens

Previewing Monday's closing arguments in its legal tussle with the operator of Melbourne Airport, co-owner Dexus says it won't deny a long-term model given to potential share purchasers was confidential. But here's the kicker -- the disclosure didn't run afoul of its shareholder agreement, it says.

T Corp's representative on the board of Melbourne Airport operator APAC said Thursday he voted to issue a notice of default to shareholder Dexus in part because the real estate asset manager "appeared to prefer its own interests".

Institutional asset manager IFM Investor was ready to sweep up Dexus' shares in Melbourne Airport operator APAC under a forced sale process triggered by a default notice for alleged confidentiality breaches, a court heard Tuesday.

The chair of airport operator APAC has admitted redacting advice from Herbert Smith Freehills Kramer to remove a suggested remedy for major shareholder Dexus' alleged breach of confidentiality, but denies she misled the board.

The court battle between APAC and major shareholder Dexus over the sale of an investor's stake in the airport operator went to a hearing this week, but it's the solicitors representing the warring parties that found themselves on trial.

A judge has threatened to vacate the trial in Dexus’ case against Melbourne Airport operator APAC after all the defendants tried to file documents late, suggesting the lawyers may be hit with personal costs orders.

Questioning of the first witness in Dexus' case against Melbourne Airport's operator was an hour in when trial was halted by the judge, who complained of flying by the seat of his pants, documentary evidence-wise.

The High Court has dismissed Sunshine Loans' second attempt to have a judge recuse himself from a penalty hearing in ASIC’s case against the payday lender, despite his criticism of a witness due to give further evidence.

A court has ordered Macquarie Securities to pay an agreed $35 million penalty after finding that “serious deficiencies" in its reporting systems resulted in repeated failures to accurately report short sales.

In finding Star Entertainment's former group general counsel liable for breaches of duty, the judge overseeing ASIC's case has questioned the chief lawyer's insistence that she "rarely gave legal advice" and that her roles with the company should be delineated.