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Banks face increased fines for corporate wrongdoing under reforms that also boost the powers of the watchdog amid stunning admissions by financial services firms at the Banking Royal Commission.
High Court rejects Valve’s bid to challenge $3M ruling
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US-based online gaming giant Valve Corp. has lost its bid to appeal to the High Court of Australia a $3 million judgment for misleading customers who bought faulty products online.
AMP chief quits amid scandal, board hires King & Wood Mallesons
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AMP’s chief executive Craig Meller has resigned after this week’s shocking revelations that the company misled ASIC over fees charged to customers and may have influenced a Clayton Utz report to the securities regulator.
Gucci, Guess global settlement ends Australia action
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Iconic fashion labels Gucci and Guess have agreed to a global settlement in their nine-year long courtroom battle over the famed “G” design trademark.
ACCC delays decision on MYOB, Reckon merger
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The ACCC has delayed it decision on MYOB’s proposed bid for Reckon’s accounting unit while it waits for information, after the regulator raised concerns about how the merger would affect competition in the accounting software market.
ACCC should ‘have another look’ at AGL’s Liddell plans, says MP
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Calling on the competition chief to “have another look” at AGL’s decision to shutter its Liddell plant, Liberal MP Craig Kelly says the power company’s conduct makes for a clear case under the new misuse of market power provision of Australia’s competition law.
“I’m at the end of my tether”: Ford class action judge vents
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A Federal Court judge has criticised the lack of progress in a major class action brought against Ford Australia, telling the applicant’s barrister to “get his act together”.
ObjectiVision panned for not monetising University of Sydney patent
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A lawyer for the University of Sydney has attacked ObjectiVision for failing to produce any commercial benefits from the glaucoma detection method at the centre of a patent infringement dispute, despite holding exclusive rights to the technology for 11 years.
IP Australia rejects SNF challenge to BASF mining patent
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The Australian Patent Office has shot down a challenge by SNF to a BASF application for a mining patent.
Judge cuts Squire Patton Boggs, Piper Alderman fees in $19M Arasor deal
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A judge has signed off on a $19.25 million settlement in a shareholder class action brought against directors of defunct laser technology company Arasor International Ltd and partners in auditing firm Grant Thornton South Australia, but cut the legal fees of Squire Patton Boggs and Piper Alderman by $250,000.