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The Australian Securities and Investments Commission has banned former NAB advisor Graeme Cowper from offering financial services for four years, after an investigation found he was not up to the job.
Judge fears tying Federal Court’s hands in AMP class action battle
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A NSW Supreme Court judge has voiced concerns in an unprecedented jurisdictional battle that a decision that leaves competing class actions against AMP still raging in separate courts may force the Federal Court into a corner.
Kmart denies CEO misled streetwear co. over cargo pants
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Kmart has filed its defence denying claims in a suit alleging CEO Guy Russo gave false assurances that the department store had revamped a line of cargo pants and shorts that infringed the copyright of Australian streetwear manufacturer Globe International.
Toyota supervisor sacked for ‘benevolent sexism’, FWC says
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A Toyota supervisor’s “overly sexualised” remarks to young female workers were a “blatant form of benevolent sexism”, the Fair Work Commission has found in upholding the car maker’s dismissal of the long-time employee.
Funder attacks Westpac’s ‘dangerous’ intentions in class action
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Litigation funder JustKapital went on the attack in court on Wednesday, saying Westpac’s objections to the terms of a proposed funding order in a class action against the bank were dangerously suspect.
ASIC takes AMP to court over insurance policy churn
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AMP’s financial planning unit was hit Wednesday with an enforcement action by the corporate regulator alleging its planners generated extra commissions by replacing, rather than transferring, life insurance policies for existing clients.
Carlisle Homes loses injunction bid in copyright case
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A judge had denied home builder Carlisle Homes’ bid for a temporary injunction in a case alleging rival home builder Resimax violated its copyright for residential homes designs, instead ordering that the case move swiftly to trial.
Ex-Kimberley Diamonds exec acquitted in ASIC case
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The former head of Australian mining company Kimberley Diamonds has been acquitted of charges that he signed off on market statements that assumed luxury retailer Tiffany & Co would pay higher prices for the company’s rare yellow diamonds.
AirNZ hit with $15M fine for cartel conduct
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International airline Air New Zealand has been hit with a $15 million penalty for participating in a global air cargo cartel to fix the price of fuel, insurance and security surcharges.
Deep Investments case barrels towards Full Court
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Respondents involved in a case brought by investment adviser Deep Investments over alleged share trading losses, including a solicitor who was sued for allegedly failing to inform the company of exchanges with ASIC about a potentially deceptive employee, are appealing a decision to allow the case to continue.