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Quintis class actions reload as insurance brawl delays settlement approval
Class Actions 2021-07-05 4:54 pm By Miklos Bolza

Two shareholder class actions against sandalwood producer Quintis that reached an in principle settlement over a year ago are moving forward following a protracted dispute over insurance, with the lead applicants getting approval to file proposed amended pleadings.

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‘Maybe they should have thought about that before they kicked off a class action’: Judge baulks at Guvera proposal
Class Actions 2021-07-05 11:07 am By Cat Fredenburgh

A judge has rejected a request that he approve a settlement with the lead applicants in a class action by investors in failed music streaming platform Guvera that would dispense with the class action without notice being sent to group members.

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Captain Cook College engaged in systemic unconscionable conduct, court finds
Competition & Consumer Protection 2021-07-02 11:09 pm By Cat Fredenburgh

Motivated by greed, online educator Captain Cook College engaged in a system of unconscionable conduct by enrolling thousands of students who accrued $60 million in debt but never finished their courses, a court has found.

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Nine to repay customers $450,000 over ‘excessive’ surcharges
Competition & Consumer Protection 2021-07-02 5:37 pm By Cindy Cameronne

Media giant Nine has paid more than $150,000 in fines and will repay subscribers and advertisers $450,000 for allegedly slapping them with excessive payment surcharges on credit card transactions.

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Ex-Quantum boss pleads guilty to market manipulation, insider trading
Energy & Natural Resources 2021-07-01 2:45 pm By Christine Caulfield

Former Quantum Resources CEO and director Avrohom Kimelman faces up to 20 years in jail after pleading guilty to charges of insider trading and conspiring to manipulate the market in shares of the company, now known as Nova Minerals.

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Court finds trader was defamed by ASIC but throws out $10M lawsuit
Defamation 2021-06-30 5:38 pm By Miklos Bolza

Canadian trader Daniel Schlaepfer has suffered a loss in his $10 million defamation case against ASIC, with an appeals court tossing the lawsuit despite finding the regulator defamed him and his firm by accusing them of unlawful market manipulation.

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Mayfair 101’s James Mawhinney says he should not face penalty in ASIC case
Financial Services 2021-06-30 1:15 pm By Cindy Cameronne

The founder of embattled investment group Mayfair 101, James Mawhinney, will argue that he should not be ordered to pay any penalty after the company was found to have misled investors about its financial products.

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Sumo Power fined $1.2M for misleading consumers
Competition & Consumer Protection 2021-06-30 9:48 am By Cat Fredenburgh

Victorian electric utility Sumo Power has been fined $1.2 million for luring customers with the promise of discounts and low rates only to jack up their prices months later.

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Payday lender Cigno loses bid to overturn ASIC’s short-term credit lending ban
Appeals 2021-06-29 10:35 pm By Cindy Cameronne

Payday lender Cigno has lost its appeal of a ruling which upheld ASIC’s first product intervention order banning the use of short-term lending models with “excessive” fees.

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Former Nuix CFO, family members caught up in $17.8M insider trading probe
White Collar 2021-06-29 2:20 pm By Christine Caulfield

The corporate regulator has secured a travel ban against the brother of former Nuix CFO Stephen Doyle as it pursues a criminal investigation of alleged insider trading by the executive and his family.

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