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Cryptocurrency exchanges will be required to hold an Australian Financial Services Licence under proposed legislation announced by assistant treasurer Dr Daniel Mulino.
High Court asked to clarify test for damages in shareholder class actions
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Saying the appeals court committed “fundamental errors” in approaching their claim of loss, the applicants in failed cases against the Commonwealth Bank have appealed to the High Court, in a case that could clarity the elusive test for damages in shareholder class actions.
Macquarie admits failures over Keystone, vows to repay investors
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Super trustee Macquarie Investment Management has admitted it failed to act efficiently, honestly and fairly after thousands of members invested $321 million in a Keystone fund under investigation for misusing funds.
Qld’s top judge says lawyers citing non-existent cases risk referral, costs
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The Chief Justice of the Queensland Supreme Court has warned lawyers they could be referred to the legal watchdog or face a personal costs order if they file submissions that contain hallucinations produced by generative artificial intelligence.
Abbey in ‘pyrrhic victory’ against Virbac over antiparasitic drug patent
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Abbey Animal Health has managed only a “pyrrhic victory” in a patent case against rival Virbac over an antiparasitic drug, and must withdraw its Levamox Duo product from the market, a court has found.
Puma loses trade mark catfight with Tiger Woods’ sportswear brand
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Puma has lost its opposition to a trade mark application by Tiger Woods’ golf apparel and equipment brand Sun Day Red, failing to convince the Trade Marks Office that the company’s logo is deceptively similar to its iconic leaping cat mark.
University of Wollongong to pay $6.6M to underpaid staff
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The University of Wollongong has agreed to pay over $6.6 million to thousands of underpaid staff members as part of an enforceable undertaking with the Fair Work Ombudsman.
Lederer’s takeover offer for Elanor Funds ‘neither fair nor reasonable’: report
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Elanor Funds Management’s board on Friday unanimously recommended that securityholders reject the takeover offer and provided an expert independent report from Kroll Group that concluded the offer of $0.70 in cash per stapled security undervalued the fund.
Palmer loses $300B case against Australia over Pilbara iron ore project
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Mining magnate Clive Palmer has lost a long-running fight against Western Australian legislation over an iron ore project in the Pilbara, with an international tribunal finding it had no jurisdiction to hear $300 billion case.
Civil construction firm Shamrock loses second attempt to toss $30M Cleanaway claim
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An appeals court has binned construction firm Shamrock’s second bid to toss waste management firm Cleanaway’s $31 million claim for costs associated with cleanup of an Ipswich dump following a flood.