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ACCC approves NAB’s $1.2B acquisition of Citi’s consumer business
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.
ACCC greenlights Meta’s proposed acquisition of Kustomer
The Australian Competition and Consumer Commission says Meta’s proposed acquisition of customer relationship management start-up Kustomer is unlikely to have any substantial impact on competition.
PwC hit with $43M negligence lawsuit by failed VET provider Cornerstone
Accounting firm PricewaterhouseCoopers is facing claims of professional negligence by insolvent tertiary education provider Cornerstone for allegedly assisting the company's former director in overstating the company's revenue and unlawfully extinguishing his debt.
‘Gentle’ trading in ANZ shares an individual decision by banks, ex-JPMorgan boss says
A former JPMorgan managing director has said the three investment banks at the centre of an alleged cartel made individual decisions to trade “gently” in ANZ shares but were conscious of their fellow underwriters' risks following a botched share placement in 2015.
Drug ingredient maker Alkaloids of Australia pleads guilty to cartel charges
Pharmaceutical ingredient producer Alkaloids of Australia has pleaded guilty to cartel conduct over the supply of a key chemical found in generic stomach cramp drugs.
High Court shoots down Volkswagen’s challenge to landmark $125M dieselgate penalty
The High Court has rejected Volkswagen's special leave application to challenge a record $125 million penalty for selling cars with a defeat device that allowed them to cheat on emissions tests.
Hold music company made it hard for customers to hang up, ACCC says
One of the world’s leading audio branding companies has agreed to amend its contract terms, which penalised customers for cancelling within a 42-day period of their contract ending, following an investigation by the Australian Competition and Consumer Commission.
Judge ‘gags’ at ACCC’s proposed $5M penalty in Google ads case against Employsure
A judge said he “gagged” at the Australian Competition and Consumer Commission’s proposed $5 million pecuniary penalty in its case against specialist workplace relations company Employsure over six misleading Google ads.
ACCC’s witness statement method ‘quite unfair’, says judge hearing cartel case
The ACCC's practice of successively refining witness statements without saving draft versions was "quite unfair", says a judge overseeing the competition regulator's criminal cartel case over a botched ANZ share placement.
Judge slams indictment in cartel case as ‘complete shemozzle’
A judge has declined to quash the indictment in a high-profile criminal case over a $2.5 billion ANZ share placement but sent prosecutors back to the drawing board to remedy its defects, calling the state of affairs "a complete shemozzle".