Corporate

The judgment in ASIC's case against Star's top executives and directors sounds a warning that board members need to proactively test information and serves as a "stark reminder" to general counsel that their duties are owed to the company, not management, experts tell Lawyerly.

The corporate regulator has filed proceedings seeking to wind up a company in the steel empire of billionaire Sanjeev Gupta for failure to lodge financial reports for four years. 

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.

Delivering his findings on ASIC’s action against Star Entertainment executives on Thursday, Federal Court Justice Michael Lee remarked that the “self-congratulatory submissions" of former board members named in the case were "jarring”.

ASIC has had mixed success in a case against former Star directors and officers, with a judge finding the casino operator’s former CEO and GC breached their duties but that claims against the former board fell short.

Mayne Pharma has launched a bid for a $13.6 million gross sum costs order against US drug maker Cosette, after winning one of numerous legal challenges over the termination of a $672 million merger agreement.

NAB super fund trustee NULIS Nominees had no power to continue charging members for $165 million in fees to pay adviser commission after conflicted remuneration was banned in 2016, an appeals court has heard.

King & Wood Mallesons has advised Wollemi Capital on a blended finance facility provided by not-for-profit Transition Accelerator for a carbon credit reforestation project in Western Australia.

Lander & Rogers has hired a disputes lawyer from Herbert Smith Freehills Kramer to join its Brisbane-based commercial disputes practice as a partner. 

ASIC has filed proceedings against Auto & General, alleging tens of thousands of Budget Direct customers lost discounts they were promised and were overcharged premiums for several years.