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IOOF to face expanded misconduct allegations in shareholder class action
Class Actions 2021-11-19 3:35 pm By Miklos Bolza

A judge has given the green light to expanded misconduct allegations in a shareholder class action against IOOF, including claims of insider trading and front-running.

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‘Gentle’ trading in ANZ shares an individual decision by banks, ex-JPMorgan boss says
Competition & Consumer Protection 2021-11-16 6:27 pm By Cindy Cameronne

A former JPMorgan managing director has said the three investment banks at the centre of an alleged cartel made individual decisions to trade “gently” in ANZ shares but were conscious of their fellow underwriters’ risks following a botched share placement in 2015.

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Judge questions ASIC’s ‘very, very modest’ $750,000 penalty against La Trobe Financial
Financial Services 2021-11-15 1:59 pm By Bianca Hrovat

A judge has expressed hesitation about a $750,000 penalty proposed by the Australian Securities and Investments Commission in its misleading advertisement case against $5.15 billion credit fund La Trobe Financial Asset Management, calling the amount “very, very modest”.

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Top JPMorgan execs to face stand before trial after late ACCC disclosure
Competition & Consumer Protection 2021-11-10 2:07 pm By Christine Caulfield

JPMorgan bigwigs who are key witnesses for the prosecution in its cartel case over ANZ’s botched share placement in 2015 will be questioned by Citibank and Deutsche ahead of trial.

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King & Wood Mallesons appoints new chief executive partner
Business of Law 2021-11-10 5:01 pm By Christine Caulfield

Big Six law firm King & Wood Mallesons has promoted managing partner of clients and mergers and acquisitions Renae Lattey to lead the firm’s Australian practice.

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Top judge did ‘unexplained violence’ to Star’s business interruption policy, Full Court told
Insurance 2021-11-08 9:42 pm By Miklos Bolza

In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court’s Chief Justice did “real and unexplained violence” to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.

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Judge concedes he had no power to jail tour operator for 12 months
Courts 2021-11-08 2:31 pm By Christine Caulfield

A judge has admitted in a $2 million false imprisonment lawsuit against him that he had no power to sentence the owner of a Cairns tour company to 12 months in jail for contempt of court.

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ACCC’s witness statement method ‘quite unfair’, says judge hearing cartel case
Competition & Consumer Protection 2021-11-05 9:45 pm By Christine Caulfield

The ACCC’s practice of successively refining witness statements without saving draft versions was “quite unfair”, says a judge overseeing the competition regulator’s criminal cartel case over a botched ANZ share placement.

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ACCC let JPMorgan lawyers review witness statement in cartel probe, court told
Competition & Consumer Protection 2021-11-04 10:42 pm By Christine Caulfield

Lawyers for JPMorgan went to the ACCC’s office to review a draft statement of the investment bank’s then managing director Jeffrey Herbert-Smith, an immunity witness for the competition regulator in its troubled criminal cartel case over an ANZ share placement, a court has heard.

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Judge slams indictment in cartel case as ‘complete shemozzle’
Competition & Consumer Protection 2021-11-03 3:41 pm By Miklos Bolza

A judge has declined to quash the indictment in a high-profile criminal case over a $2.5 billion ANZ share placement but sent prosecutors back to the drawing board to remedy its defects, calling the state of affairs “a complete shemozzle”.

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