A key witness from JPMorgan previously contested claims by the ACCC that a key component of an alleged cartel arrangement between four major banks around a $2.5 billion institutional share placement by ANZ was actually an ‘agreement,’ as opposed to a series of independent decisions, a court has heard.
Japanese auto maker Mazda is facing regulatory action from the Australian Competition and Consumer Commission for allegedly refusing to provide purchasers of defective vehicles with a full refund or no-cost replacement, amid a continuing threat of a possible class action over alleged defects in certain vehicles.
National car repair franchise Ultra Tune is preparing negligence suits against its former lawyers and auditors, after the company on Friday won a $590,000 reduction in a $2.6 million penalty for breaches of the Franchising Code of Conduct.
National car repair franchise Ultra Tune has argued in a Full Federal Court appeal that a $1.07 million penalty in an ACCC case was “manifestly excessive” because it was based on unintentional breaches of the Franchising Code of Conduct that were caused by tardy accountants and auditors.
Ultra Tune has been given the go-ahead to challenge a $2.6 million penalty for alleged breaches of franchising and consumer laws, after a judge said she had “no sympathy” for the consumer regulator’s opposition to the car repair franchisor’s bid for more time to lodge an appeal.
A Federal Court judge has apologised for “upsetting the applecart” and taking “too long” to publish his judgment in the consumer regulator’s case against GlaxoSmithKline and Novartis over packaging for now discontinued painkiller Osteo Gel.
GlaxoSmithKline has defeated claims by the ACCC that revised packaging for its now-discontinued pain killer Osteo Gel misled consumers. The drug maker will face penalties for earlier violations it admitted to, but the court hinted the damages will be nowhere near the $6 million competitor Reckitt Benckiser faced in a similar case.
A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.
The consumer regulator wants a court to throw out Ultra Tune’s appeal of a $2.6 million penalty after the national car repair franchise filed its challenge more than a month late because its lawyers “miscalculated” the deadline.
Ultra Tune is challenging a court ruling that socked it with a $2.6 million penalty in a case brought by the Australian Competition and Consumer Commission alleging it misled a prospective franchisee about the costs of buying an outlet in Parramatta, Sydney and tried to cover up its conduct with “manufactured” evidence.