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ASIC deputy chair Peter Kell has put financial services firm’s on notice that excusing poor behaviour as an industrywide problem won’t cut it anymore.
Westpac admits checks on small loan guarantors ‘more form’ than substance
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Westpac faced another tortuous day at the Banking Royal Commission on Tuesday, with general manager of commercial banking Alastair Welsh under the spotlight for inconsistencies in the bank’s small business lending practices.
AWU faces court action for keeping lapsed members registered
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The Registered Organisations Commissioner has filed Federal Court proceedings against the Australian Workers’ Union, alleging the union broke the law by failing to keep an accurate register of its members.
GetSwift class actions to learn their fate, and lawyers watch closely
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A decision on the fate of three class actions against logistics software company GetSwift is set for Wednesday, and counsel behind the competing cases aren’t the only lawyers waiting with baited breath.
Judge bars ASX from delisting Chinese food retailer Winha
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China-based food retailer Winha Commerce has secured an interim court injunction barring the Australian Stock Exchange from delisting the company after the exchange issued queries to all Chinese listed companies about problems converting the renminbi.
Judge throws out S&P damages expert in CDO trial
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A judge overseeing a trial against S&P Global over its ratings of synthetic collateralised debt obligations has tossed the company’s damages expert, saying she lacked sufficient expertise to provide an opinion on the value of the instruments.
ACCC awaits judgment in Pfizer misuse of market power appeal
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The ACCC will face a test of its ability to win misuse of market power cases when a long-awaited judgment is handed down this week in the regulator’s appeal of a ruling dismissing its case alleging Pfizer misused its market power in the months leading up to the expiration of the patent for its blockbuster cholesterol drug Lipitor.
Toys ‘R’ Us Australia goes into voluntary administration
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Just two months after the retailer announced it would close down all of its US and UK stores, the Australian unit of Toys ‘R’ Us has announced it has gone into voluntary administration.
TWU can’t stall $270k penalty for lax record keeping
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The Transport Workers Union has lost its bid for a stay of a court order that it pay a $270,000 penalty for allegedly keeping almost 21,000 lapsed members on its register and failing to keep copies of records.
IP Australia shuts down another coffee capsule patent
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For the third time this year, IP Australia has upheld a challenge to a coffee capsule patent, finding that the patent, owned by a unit of German food giant Kruger, was not inventive.