The Australian Competition and Consumer Commission has given the green light to the National Australia Bank’s proposed $1.2 billion acquisition of Citigroup’s Australian consumer business, finding the deal is not likely to substantially lessen competition.
The federal government’s latest class action reform bill that would effectively cap legal fees and funding commissions has narrowly passed the House of Representatives.
The insolvency administrator of Germany-based Greensill Bank AG has launched court proceedings against Insurance Australia Limited seeking US$35 million allegedly owed under a policy indemnifying the collapsed financial services firm for unrecovered debts.
The lawyers and funder behind a shareholder class action against Crown Resorts will be asking the court to approve fees and commission worth 35 per cent of a $125 million settlement with the gaming giant, leaving over $81 million for group members.
Dairy giant a2 Milk has been hit with a second class action alleging it misled shareholders by providing an overly rosy forecast for its infant formula sales.
Defence minister Peter Dutton has won $35,000 in damages in a defamation case over a tweet accusing him of being a rape apologist, with a judge finding the tweet conveyed that the minister “excuses rape”.
Hospitality giant Merivale has streamlined its defence of a $129 million underpayment class action, arguing that it shouldn’t be expected to back pay employees because it operated its business under the mistaken belief that its enterprise agreement governing staff at 70 of its venues was valid.
The Australian Securities and Investments Commission has imposed additional license conditions on the Australian Securities Exchange after operational issues created a “very serious” outage last year.
South Australian Power Networks has reportedly agreed to pay $2.25 million to settle a class action brought by the victims of the 2019 Yorketown bushfire.
Ashurst has picked up a leading insolvency partner from Norton Rose Fulbright who advised on the restructure of the beleagured Arrium Group.