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Westpac unit BankSA has reached an agreement to settle a class action alleging it failed to detect the fraud of convicted Ponzi schemer Michael Samra.
In latest AMP class actions, judge nudges parties away from beauty parade
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A judge overseeing competing consumer class actions against AMP over superannuation fees said he would be “reluctant” to hold a contest between the two cases, as the applicants in the rival proceedings tell the court they are in talks about possible consolidation.
Ex-Sirtex CEO pleads guilty to insider trading
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The former CEO and director of biotech company Sirtex Medical, Gilman Wong, is facing a maximum ten years in prison after pleading guilty to insider trading.
Debt-laden fintech Squirrel can’t block receiver appointment
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A judge has refused to grant an injunction stopping the appointment of receivers to Australian cloud-based superannuation fund manager SMSF Squirrel Ltd, describing the company’s financial position as “precarious” and likely to worsen beyond its current liabilities of $7.8 million.
Country Care slams prosecutors for ‘argumentative’, ‘vague’ criminal cartel case
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Country Care Group has criticised the DPP for the “argumentative” tone of the notice setting out its criminal cartel case against the mobility equipment provider, and has secured an order for further clarity from prosecutors.
Ex-CBA exec facing criminal charges ordered to hand over docs in US lawsuit
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A former Commonwealth Bank executive facing criminal commercial bribery charges has been ordered to hand over a number of documents in a US lawsuit brought by IT company Computer Sciences Corporation, but has avoided orders compelling him to take the witness stand.
IOOF unit’s case ‘utterly unsupportable’, Sparke Helmore tells court
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Sparke Helmore has refuted allegations by IOOF subsidiary Australian Executor Trustees (SA) that it failed to provide proper legal advice to the trustee on a 2012 pine plantation sale that left 4,500 investors without millions of dollars worth of assets.
Troubled Melbourne property developer Steller goes into receivership
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Melbourne property developer Steller has been put into receivership, a dramatic collapse for a firm that once boasted a pipeline of $4.2 billion worth of projects.
Global textiles giant Simba can peek at IFOTA’s books, judge says
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Clothing manufacturer IFOTA has been ordered to open its books to shareholder Simba after it raised concerns about IFOTA’s management and financial position.
Novartis wants to amend invalidated patent for MS drug
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Novartis has applied to amend its proposed patent for an oral form of multiple sclerosis drug Gilenya, as it appeals an invalidity ruling by IP Australia for lack of inventive step.