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ASIC ‘plucking numbers out of the air’ in penalty hearing for Vocation execs, court told
Securities 2019-07-31 8:15 pm By Amelia Birnie

Lawyers for former Vocation CEO Mark Hutchinson say the corporate regulator is “plucking numbers out of the air” in its bid to secure disqualifications of up to eight years against the former executives who breached their directors’ duties in relation to the collapsed education provider.

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Judge rejects ‘arguably excessive’ funder’s commission in KPMG class action
Class Actions 2019-07-31 11:52 am By Miklos Bolza

A judge has rejected a proposed common fund order in the settled KPMG class action, saying the funder’s commission was “arguably excessive” and could result in a “stratospheric” return to the firm.

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Ex-Tennis Australia’s Harold Mitchell wants ASIC’s evidence from deceased former director
ASIC 2019-07-30 2:03 pm By Cat Fredenburgh

Ex-Tennis Australia director Harold Mitchell, facing enforcement action by ASIC alleging he breached his duties in awarding Australian Open broadcast rights to the Seven Network, has asked a court for all evidence the regulator obtained from former board member Graeme Holloway, who died in February.

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Funder’s insurance insufficient security in case against lithium giant, judge says
Energy & Natural Resources 2019-07-26 10:05 pm By Miklos Bolza

A court has stayed a case against global lithium miner Galaxy Resources after finding that an insurance policy by the plaintiff’s funder and an associated undertaking and deed of indemnity were insufficient to cover security for costs.

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ACCC flags competition concerns in $350M ANZ Terminals, GrainCorp tie-up
Competition & Consumer Protection 2019-07-25 2:29 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has expressed competition concerns about ANZ Terminals’ proposed acquisition of a unit of global agribusiness GrainCorp, despite the storage specialist offering to divest one of its terminals to win approval for the $350 million deal.

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NSW Ports slams ACCC’s competition constraint claims as ‘slight or hypothetical’
Competition & Consumer Protection 2019-07-19 3:38 pm By Miklos Bolza

NSW Ports Operations has denied claims that an agreement for the privatisation of its subsidiaries Port Botany and Port Kembla stymied competition, describing the allegations made by the Australian Competition and Consumer Commission as “slight or hypothetical”.

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IP, consumer challenge to union campaign could raise freedom of speech concerns, judge says
Competition & Consumer Protection 2019-07-11 3:41 pm By Amelia Birnie

The NRMA’s bid to restrain the maritime union’s campaign over the safety and employment standards of Sydney’s fast ferry services on the grounds that it violates IP and consumer laws is set to be fast tracked after a judge noted the “significant” case could raise freedom of speech issues.

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Aristocrat sues Ainsworth over ‘extensive and deliberate’ theft of slot machine IP
Intellectual Property 2019-07-04 4:31 pm By Miklos Bolza

Casino and mobile game giant Aristocrat Technologies has sued rival Ainsworth Game Technology for alleged copyright infringement and breaches of Australian consumer law following the suspected theft of trade secrets by an employee.

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ACCC appeals loss in case over Pacific National, Aurizon terminal deal
Competition & Consumer Protection 2019-06-27 9:58 am By Christine Caulfield

The Australian Competition and Consumer Commission is appealing the dismissal of its case over Pactific National’s purchase of Aurizon’s Acacia Ridge Terminal in Queensland, challenging the Federal Court’s power to accept Pacific National’s last-minute promise to ensure access to the major freight terminal by competitors.

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Third time unlucky: Mortgage firm loses another bid to stifle derivative suit over Macquarie sale
Securities 2019-06-26 2:25 pm By Amelia Birnie

An appeals court has dismissed a third attempt by directors of mortgage aggregator Connective Group to stifle a shareholder’s derivative lawsuit over a restructure that allowed the sale of 25 per cent of its business to Macquarie Bank.

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