National Australia Bank’s “grossly deficient” systems and failure to swiftly bring its processes into compliance prompted ASIC to launch its second fees-for-no-service case against the bank, the Federal Court has heard.
Two former directors of defunct Gold Coast asset manager Avestra are facing a lawsuit from the company’s liquidators seeking to recover $6 million in alleged losses by three of the company’s managed investment schemes.
The Australian Broadcasting Corporation has lost its challenge to an Australian Federal Police search warrant authorising a raid on the broadcaster’s Sydney headquarters last year.
Search giant Google may face a class action by disgruntled business owners seeking compensation for loss and damage they claim has been caused by anonymous negative online reviews.
The judge who dismissed the ACCC’s challenge to Pacific National’s acquisition of Aurizon’s Acacia Ridge Terminal in Queensland had no power to accept an undertaking by the rail operator as an answer to the competition regulator’s case, an appeals court has been told.
Russells Lawyers has withdrawn a cross claim against a restructuring and insolvency solicitor who filed a lawsuit alleging the firm tried to manufacture a reason for terminating his employment.
A former manager of Australian electronics automotive developer Directed Electronics OE has failed to block access to certain documents in a corporate theft case, despite the Federal Court finding they gave rise to a “real and appreciable risk” of civil or criminal prosecution against him.
Clive Palmer and his company Mineralogy have survived a High Court challenge by Hong-Kong based CITIC to a ruling that put it on the hook for at least $224 million in unpaid royalties from producton at the Sino Iro mine, but a related $297 million suit by Palmer against the Chinese conglomerate has flopped.
The High Court has declined two insurers’ request for review of a decision that left them on the hook for covering part of a $6 million class action settlement by Bank of Queensland.
An ACCC officer who was heading up a team investigating alleged cartel conduct by ANZ Banking Group and three investment banks has admitted that the regulator may have made an ‘oversight’ in a letter of comfort offered to JPMorgan ahead of the bank’s immunity application in the case.