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ASIC uncovers ‘deficiencies’ in advice by IOOF units
Financial Services 2021-04-26 1:53 pm By Cat Fredenburgh

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.

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Tatts takes ATO to court for rejecting $393M tax deduction
Tax 2021-04-26 11:47 am By Miklos Bolza

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.

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ASIC asks court to approve receivers to sell Melissa Caddick’s assets
Restructuring & Insolvency 2021-04-23 10:06 pm By Cat Fredenburgh

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.

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ACCC to fight production of JPMorgan witness statements in ANZ cartel case
Competition & Consumer Protection 2021-04-22 5:02 pm By Cat Fredenburgh

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.

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AFR apologises to iSignThis as defamation case settles
Defamation 2021-04-22 3:22 pm By Cat Fredenburgh

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.

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Car dealers slap General Motors with class action for retiring Holden brand
Class Actions 2021-04-21 1:05 pm By Miklos Bolza

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.

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Appeal dropped by disqualified exec who argued forwarded ASIC email not proper service
ASIC 2021-04-20 4:43 pm By Cat Fredenburgh

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.

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High Court to hear ATO test case over trust income disclaimers
Tax 2021-04-20 3:16 pm By Miklos Bolza

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.

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Mayfair 101’s James Mawhinney banned for 20 years for ‘reprehensible’ conduct
Financial Services 2021-04-19 10:49 am By Christine Caulfield

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.

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Garuda drops appeal of $19M penalty in ACCC cartel case, agrees to pay in instalments
Competition & Consumer Protection 2021-04-16 10:59 pm By Christine Caulfield

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.

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