An ASIC review has found that 17 per cent of clients of IOOF unit RI Advice may have been exposed to harm, one month after a judge found that one of its former advisors violated the law by steering investors towards risky investments.
Tabcorp-owned Tatts Group has launched legal proceedings against the Australian Taxation Office seeking to set aside an “excessive” decision barring over $393 million in tax deductions for 2013 when the company was master agent of SA Lotteries.
Two months after the remains of accused fraudster Melissa Caddick were discovered on a NSW beach, ASIC is seeking to appoint final receivers to realise her assets, although the family and friends who invested tens of millions with the Sydney businesswoman are not expected to fully recoup their investments.
The judge who vowed last year to move a criminal cartel case over a $2.5 billion ANZ share placement to trial “before we all retire” will soon weigh the ACCC’s claim for privilege over statements from JPMorgan witnesses it has been accused of pressuring during its investigation, two months after a different judge heard a still unresolved privilege fight in the long-running case.
The publisher of the Australian Financial Review has settled a defamation lawsuit by iSignthis CEO John Karantzis over an article by Rear Window columnist Joe Aston that allegedly falsely linked him to a money laundering scheme.
A group of car dealers has hit a unit of car giant General Motors with a class action for allegedly breaching its contract by retiring the Holden brand in Australia last year.
A Perth director of six companies that were wound up owing $100 million to creditors has dropped a challenge to his disqualification by ASIC, after unsuccessfully arguing before the Full Court that an email from the corporate regulator forwarded by his lawyer did not constitute proper service.
The High Court has granted special leave in a test case by the Australian Taxation Office concerning the effectiveness of disclaimers by trust beneficiaries giving up entitlements to trust income and any associated tax obligations.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has been slapped with an order banning him from soliciting funds or promoting any financial product for 20 years.
Indonesia’s PT Garuda has withdrawn a challenge to a $19 million penalty imposed for its part in a global airline cartel, but the airline has reached an agreement with the ACCC to pay the fine in instalments.