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Pointing to Westpac’s progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.
Ex-Sydney Flames coach Shane Heal escapes costs over failed Fair Work case
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A judge has declined to order costs against basketball coach Shane Heal in his failed Fair Work case against the Sydney Flames, saying Heal’s claims were not “advanced without any factual or legal basis”.
Class action against Noumi lays claim to $5M penalty in ASIC case
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Noumi has agreed to pay a $5 million penalty for violating its continuous disclosure obligations in a case brought by the corporate regulator, but the applicant in a shareholder class action against the food company says the sum should be reserved to compensate group members.
BHP class action to take fresh look at pleadings after failure of CBA cases
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A shareholder class action against BHP has sought more time to finalise its pleadings ahead of trial, after a judge threw out two class actions against the Commonwealth Bank that also alleged continuous disclosure breaches.
Class action filings set for lowest year in decade, law firm report says
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The number of new class actions so far this year has fallen short of recent years, and not a single shareholder proceeding has been lodged in 2024 to date, according to a new report.
Judge recuses himself from Sunshine Loans penalty hearing, calls for new court protocol
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The judge who presided over ASIC’s successful case against payday lender Sunshine Loans has recused himself from deciding on penalty in the matter, saying a new court protocol might be needed for when a judge makes an adverse credit finding during the liability phase of a case.
Slater & Gordon admits to staff underpayments of at least $300,000
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Plaintiff law firm Slater & Gordon has admitted to a payroll error affecting at least 100 current and former employees that has resulted in underpayments of at least $300,000.
AFL merch maker wins trade mark suit against US company Fanatics
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AFL merchandise maker FanFirm has won a trade mark case against US sports merchandise giant Fanatics, with a judge finding it knew about the Australian company’s ‘Fanatics’ trade marks when it chose its corporate name.
Crocs settles suit against Mosaic Brands over knockoff shoes
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US footwear giant Crocs has reached a settlement with Mosaic Brands in a lawsuit accusing the Rivers owner of settling shoes that “flagrantly” copy the look of its unique 13-hole slip-on foam clogs.
Grays hit with $10M penalty for misleading cars listings
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Online auction site Grays has been ordered to pay $10 million in penalties after it admitted to making misleading statements in the descriptions of at least 750 cars listed for sale on its website.