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The Australian Competition and Consumer Commission will not oppose the merger of two companies that own some of Australia’s largest intellectual property boutiques.
Commonwealth Bank told investors Sigma credit rating withdrawal a ‘technical’ issue
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The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gave false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch’s withdrawal of Sigma’s credit rating prior to the collapse of the $27 billion investment fund was a “technical” issue, the bank has admitted.
Termite Resources directors must pay $7M for keeping insufficient cash on hand
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A judge has ordered directors of collapsed mining company Termite Resources to pay $7 million in damages after finding they breached their duty by distributing more than $46 million to its parent company and failing to maintain a cash reserve of at least $10 million.
Receivers can pay priority claims of employees directly, judge rules
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Receivers, not just liquidators, can distribute assets to satisfy priority claims of an insolvent company’s employees, a judge has ruled, settling a question of law under the Corporations Act.
ACCC decision on $15B TPG, Vodafone tie-up expected in May
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The ACCC will announce in May whether it will approve the proposed $15 billion merger of telco giants TPG and Vodafone Hutchison Australia, after the parties’ failure to comply with requests for information caused the regulator to suspend its timeline last month.
Whitehaven Coal fined $38k for hazardous fumes at blast site
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Australia’s largest independent coal producer Whitehaven Coal Mining has been convicted and fined $38,500 after potentially harmful gas drifted from one of its mines across neighbouring farmland.
Sandoz wins stay of $26.3M Lexapro judgment
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Generic pharmaceutical firm Sandoz has won a temporary stay of a $26.3 million judgment in a patent case as it awaits a decision by the Commissioner of Patents regarding a licence to make a cheaper version of the bestselling antidepressant Lexapro.
Class action trial against WorleyParsons back on as new judge steps in
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Trial in a shareholder class action against engineering company WorleyParsons will be heard by a new judge in late August, six months after it was unexpectedly vacated.
MACH Energy faces $13M lawsuit by second fired exec
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Mach Energy is fighting a second lawsuit by a former director alleging he is owed $13 million in shares under an equity incentive scheme based on the performance of the Mount Pleasant coal project acquired from Rio Tinto in 2016.
ASIC wins case to wind up landbanking scheme Aviation 3030
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The Australian Securities and Investments Commission has won its bid to appoint liquidators to solvent landbanking company Aviation 3030, with a judge saying ASIC’s public-interest case for the scheme’s winding up was “overwhelming”.