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A judge has ordered credit card giant American Express to pay $8 million in ASIC’s first-ever case over design and distribution obligations, but has criticised the recently enacted provisions as being “poorly drafted”.
Wealth guru Dominique Grubisa, DG Institute hit with $6M penalty
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The ACCC has secured $6 million in penalties against wealth education company DG Institute and its CEO Dominique Grubisa, as well as orders that the company refund $14.7 million in course fees to customers who enrolled in its ‘Master Wealth Control’ program.
3A cladding class action wins spat over issues to be canvassed at two-month trial
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Building materials manufacturer 3A Composites has lost a challenge to questions for a judge at an initial trial of a class action over combustible cladding, with a judge finding the issue of whether the company’s Alucobond panels were of acceptable quality was common to all group members.
APRA cuts $1B Westpac risk capital requirement in half
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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.