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Payment giant Visa has lost an application for a patent covering a way to transfer assets between banks, with an IP Australia delegate saying the invention uses generic computer technology and is not patentable.
Tax regulator says PwC has declined to name nine partners placed on leave
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The Tax Practitioners Board says that PricewaterhouseCoopers ignored its request for the names of nine partners put on leave in the wake of the tax leak scandal that has rocked the firm, with the regulator saying former executive Peter Collins was not the only partner who misused confidential information.
Former top judge lands post-retirement gig as referee in fight over J&J pelvic mesh settlement
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The Federal Court’s recently retired top judge has landed on his feet with his appointment by the court as referee to determine which of a group of competing firms should dole out a $300 million settlement that resolved the J&J pelvic mesh class actions.
TPG-backed company seeks quick win in case over alleged scam tied to $1B climate deal
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A company backed by private equity giant TPG which was allegedly fooled into paying part of a $1 billion deal to the wrong company wants default judgment in a case against the accused scammer, but a judge has raised doubts about attempts to serve the lawsuit.
Virgin class action wants DOCA indemnity clause amended to reflect ‘what creditors were told’
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A class action of bond holders accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a capital raising wants a contentious indemnity clause in the airline’s DOCA narrowed, in proceedings a judge has said “increasingly resemble a farce”.
Racing NSW wins doc bid as it mulls competition case against interstate counterparts
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Racing NSW has won access to documents that concern an alleged plan by its Victorian counterpart to exclude it from the thoroughbred racing industry as part of an alleged anti-competitive agreement with four other states.
Bank of Queensland vows to fix risk management failings after ‘lengthy period of non-compliance’
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Bank of Queensland has been called out by two regulators over its compliance with anti-money laundering and counter-terrorism financing laws and its risk management practices.
In battle of Spitfire creditors, appeals court provides clarity on R&D refunds
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A private investment fund has won its claim as a secured creditor over $2 million in research and development tax refunds that a court previously found should go to employees in a fight over funds remaining following the collapse of fintech Spitfire Corporation.
Banton Group snags two ‘hardcore litigators’ to power overseas expansion
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Boutique litigation firm Banton Group has hired Laura Keily and Ryan McCrosson as name partners, as as the firm eyes expansion into the US, UK and Cayman markets.
Tyro class action judge OK’s $2.5M in settlement deductions after railing against earlier deal
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A judge who eviscerated a prior bid by a law firm and funder to take home 60 per cent of a $5 million class action settlement with Tyro has allowed them to net half of the proceeds, questioning whether some of the costs amounted to a “complete breach” of legal professional duties.