Two class actions against Commonwealth Bank have partially succeeded on appeal, with a finding that the bank breached its continuous disclosure obligations, but damages still elude shareholders.
Embattled casino operator The Star says a trial in AUSTRAC’s case should not be delayed until the finalisation of a $300 million buyout offer from Balley’s, as suggested by the financial crimes watchdog.
AUSTRAC has sought to suppress parts of its case against the operator of online gambling sites Ladbrokes and Neds, arguing the information should not get into the hands of criminals.
A judge hearing two enforcement cases by regulators against embattled casino operator Star Entertainment has flagged the potential appearance of bias if he continues to preside over both proceedings.
The operator of online gambling sites Ladbrokes and Neds has been taken to court by AUSTRAC for alleged “systemic” money laundering compliance failures.
CBA has attacked two failed class actions’ “misguided” appeal, arguing that requiring companies to disclose incomplete information to shareholders would distort the market.
The Full Court has heard that a judge’s finding on materiality in two failed shareholder class actions against CBA could have “troubling” repercussions for insider trading cases and must be overturned.
Two failed class actions against CBA claim a judge used a “far too onerous test” for materiality in deciding whether the bank should have told the market about deficiencies in its anti-money laundering systems.
AUSTRAC has taken The Star to task for making statements that are inconsistent with admissions the casino has made in the regulator’s case over its alleged failure to comply with its money laundering obligations.
A judge has ordered SkyCity to pay a $67 million penalty in AUSTRAC’s case alleging it allowed $4 billion in suspicious transactions, finding it was an “appropriate” sum, even when compared with the $450 million fine handed to Crown last July.