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APRA has increased ANZ’s capital add-on requirement by $250 million to account for operational risks, after a report highlighted “persistent and prevalent” problems at the bank.
Allianz’s $170M class action settlement OK’d, law firms to pocket $42.5M
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A court has approved a $170 million settlement in a class action against Allianz, and has signed off on an order that gives the firms behind the case 25 per cent of the deal.
ACCC loses High Court appeal in CFMEU boycott case
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In a loss for the ACCC, the High Court has found builder J Hutchinson did not arrive at an anti-competitive understanding with the CFMEU merely by yielding to a threat of industrial action.
Mineral Resources, Chris Ellison hit with shareholder class action
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Mineral Resources and founder Chris Ellison have been hit with a shareholder class action over alleged disclosure failures related to transactions with a company Ellison owned.
Zip hopes High Court buys honest concurrent use defence in high-stakes trade mark suit
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Buy now, pay later giant Zip will ask the High Court to throw out a ruling that found it infringed mortgage provider Firstmac’s ‘Zip’ trade mark and barred it from using the name in Australia.
Silk with class action, competition law chops appointed to NSW Court of Appeal
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A Sydney silk who has worked on several car defect class actions and represented Apple over claims it engaged in anti-competitive conduct in the app marketplace has been appointed to the NSW Court of Appeal.
JB Asset Management wins back funds from failed $395M development deal
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JB Asset Management has clawed back $3 million from a scuttled real estate deal involving LBA Capital, almost a year after LBA’s director was jailed for fraud.
Watpac sues insurer over $4M claim for late works at Casey Hospital
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The builder contracted to carry out expansion works at Casey Hospital in Berwick has sued its insurer for refusing to cover $4 million in damages caused by a subcontractor’s delays.
Transport for NSW can’t get High Court to clarify scope of land acquisition law
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The High Court has refused special leave to Transport for NSW to weigh in on a dispute over the value of land acquired near the Western Sydney Airport.
Skyaus hit with $1.3M suit over permit lapse for Optus project
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CPS Technology & Infrastructure has sued subcontractor Skyaus Infrastructure over $1.3 million in loss allegedly suffered after Skyaus failed to obtain necessary permits for a new Optus facility in the rural village of Anakie.