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The Australian Securities and Investments Commission has won a $1 million penalty against a financial advice firm for breaching the so-called best interest duty, the first ever penalty imposed for such a violation.
Rod Sims ready to net big fish with ACCC’s new powers
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The likes of Google, Facebook and Amazon could find themselves in the crosshairs of a newly empowered Australian competition regulator, and Rod Sims wants to move fast, the chairman told Lawyerly.
NBN complaints skyrocket, ACCC report says
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Complaints to the Telecommunications Industry Ombudsman about the National Broadband Network increased 79 percent in the past year, even when new additions to the network were taken into account, according to a new report by the Australian Competition and Consumer Commission.
Pacific National offers concessions to ACCC on terminal deal
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Rail freight operator Pacific National has promised the Australian Competition and Consumer Commission it won’t discriminate between users of the Acacia Ridge Terminal in Queensland, one of several proposed concessions it offered in hopes of winning the regulator’s blessing on its proposed deal to acquire the terminal from Aurizon Holdings Limited.
Westpac to face ASIC alone in rate rigging trial
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Westpac Banking Corp. will go it alone and defend itself at trial against claims by Australia’s securities regulator that it rigged interest rates, after National Australia Bank and Australia and New Zealand Banking Group reached settlements on the eve of trial.
Date set for Prysmian appeal of $3.5M cartel fine
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A date has been set for the Full Federal Court to hear Prysmian Cavi E Sistemi’s appeal of a $3.5 million fine in a case brought by Australia’s competition regulator against the Italian cable manufacturer for alleged cartel conduct.
Ford earns extra time in ACCC case
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Car giant Ford now has an extra month to get its ducks in a row ahead of a scheduled trial next year in a case alleging it misled drivers who complained about faulty vehicles.
Happy hour for winemaker as ACCC tentatively OKs Deliveroo deal
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Family-owned Taylor Wines won the interim OK from the competition watchdog to jointly promote the sale of wine through food delivery site Deliveroo with competing wine producers, including Yalumba and Brown Brothers.
Aft says Reckitt suit over Maxigesic ads too hard to swallow
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Aft Pharmaceuticals has denied claims brought by consumer goods giant Reckitt Benckiser that ads for Aft’s over-the-counter painkiller Maxigesic are misleading and causing harm to Reckitt’s brand.
ACCC to review $1.3B milk merger
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The Australian Competition and Consumer Commission will review the proposed $1.3 billion sale of milk processor Murray Goulburn Cooperative to Canada’s dairy giant, Saputo.