Class Actions
Funder drops Gladstone Ports class action, mulls negligence suit against lawyers
The funder behind a class action against the operator of Gladstone Port has bowed out after spending $30 million on the case, and is weighing proceedings to recover its sunk costs from the law firm that initially ran the litigation.
ASIC
ANZ agrees to $240M in fines for ‘widespread misconduct’
ANZ has agreed to pay $240 million in penalties to resolve four separate cases by the corporate regulator, including a record $80 million penalty for unconscionable conduct in its dealings with the federal government.
Class Actions
AMP to pay $120M to settle superannuation class action
AMP has agreed to pay $120 million to settle a class action stemming from the banking royal commission which accused it of overcharging millions of superannuation members over a 12-year period.
Employment
ASX accused of sacking head of trading tech after CHESS complaints
A former head of trading technology at the ASX has filed a lawsuit claiming he was axed after he raised concerns about insufficient resources to operate the market properly, including in relation to the exchange's CHESS replacement project.
ANZ
Union drags ANZ to Fair Work Commission over mass layoffs
The Finance Sector Union has accused ANZ of being a “bank in crisis”, launching a case in the Fair Work Commission over its handling of mass job cuts.
White Collar
Man sentenced for insider trading in relation to $776M Westfarmers deal
A Melbourne man has been sentenced to 18 months imprisonment after pleading guilty to trading while in possession of inside information in advance of Westfarmers' $776 million acquisition of lithium company Kidman Resources in 2019.
Restructuring & Insolvency
Novo director breached duty to prevent insolvent trading, court finds
A judge has found a director of defunct IT company Novo breached his duty to prevent the company from trading while insolvent, but has stopped short of ordering damages, or making findings he breached other duties.
Class Actions
Judge mulls bidding war for $549M Robodebt settlement admin gig
The judge overseeing the Robodebt class action, which settled this month for a record $548.5 million, may put the settlement administration role out to tender, saying the sum earmarked for the job was "staggeringly large".
AI
Another judge rails against GenAI use, says even self-repped litigants must do their homework
Another judge has railed against the use of generative AI in court proceedings, after a self-represented litigant filed an application to annul his bankruptcy that was replete with fake citations.
Competition & Consumer Protection
Meta ordered to put on defence in ACCC case over scam crypto ads
A judge has ordered Facebook owner Meta to file its defence in the Australian Competition and Consumer Commission’s three-year-old case over scam cryptocurrency ads on the social media platform.
