The competition and consumer regulator is examining how banks set interest rates on savings accounts and why they are not in line with the Reserve Bank’s cash rate increases, as part of an inquiry launched in February.
Reforms to simplify and modernise Australia’s anti-money laundering and counter-terrorism financing regime will see lawyers and accountants subject to the regulations for the first time.
Cruise operator Scenic Tours is stuck with a $10 million damages bill but has avoided paying for disappointed traveller’s flights, after an appeals court mostly rejected its appeal of an award to travellers who were promised a “once in a lifetime cruise along the grand waterways of Europe” but were instead forced to take the bus.
The competition regulator has opposed Qantas’ acquisition of Brisbane-based regional airline Alliance Aviation Services, saying the deal was likely to substantially reduce competition in air transport for mining companies in Western Australia and Queensland.
The state of Victoria is trying again to stay a class action over the 2020 hotel quarantine debacle in light of a pending criminal action against the Department of Health, telling an appeals court the fundamental principles of the criminal justice system must be protected.
A judge has slammed as a “schemozzle” a law firm’s attempt to drop a class action by Telstra employees over the telecom giant’s COVID-19 vaccine policy, saying it failed to seek court approval for the discontinuance or give notice to group members as required.
Discount retail chain The Reject Shop has become the latest Australian company to be stung with an underpayments class action.
Qoin cryptocurrency issuer BPS Financial is fighting a class action applicant’s bid to amend its case for the fourth time, saying it is trying to bring an “entirely new claim”.
The ACCC has given its blessing to Sika’s planned acquisition of Germany-based MBCC Group, subject to the divestiture of MBCC’s Australian and New Zealand business.
Senior restructuring and insolvency lawyers have welcomed a novel ruling that found a liquidator was entitled to claim his costs ahead of the preferred claims of company employees, but questions remain about the “potentially difficult” interaction between two conflicting priority regimes.