Sydney financier First Class Capital has admitted it acquired three million shares in former market darling Big Un but has denied liquidators’ claims that the purchase was part of a fraudulent design to inflate the share price ahead of the video start-up’s collapse.
Online broker International Capital Markets has been hit with a second class action for selling “excessively risky” derivative products known as contracts for difference to retail investors.
A report by former ACCC head Allan Fels has found that corporate greed and lack of competition is to blame for the continued high prices experienced by Australians and called on the government to take action to fill the regulatory gaps that allow businesses to engage in price-gouging.
A director of defunct investment scheme A One Multi, which allegedly raised $25 million in funds, has been charged with nine counts of running a financial services company without a licence.
A law firm is investigating an shareholder class action against lithium battery producer Magnis Energy Technologies and auditor Hall Chadwick after its share price plummeted to four cents late last year.
Australia’s merger review regime is “outdated” and in need of an overhaul, according to the Australian Competition and Consumer Commission, which says companies must explain why their acquisitions should get the all-clear.
SkyCity has reached an agreement with AUSTRAC in proceedings alleging it allowed $4 billion in suspicious transactions, setting aside $73 million to cover penalty and costs.
Webb Henderson has snagged a leading litigation and regulatory partner from Corrs Chambers Westgarth to join its team in Sydney.
A judge has reluctantly hit Westpac with a $1.8 million penalty after the bank admitted to unconscionable conduct when trading on the morning of a $16 billion deal to privatise electricity provider Ausgrid, saying it was the maximum fine allowed under the relevant law.
Expect more legal battles this year over the right to work from home, with employees continuing to demand flexibility but businesses starting to push back, according to legal experts.