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A judge has ordered timeshare company Ultiqa Lifestyle Promotions to pay a $900,000 penalty for cornering consumers into investing thousands in a timeshare scheme that many could not afford.
ASIC issues stop orders on Holon crypto funds pitched to retail investors
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The corporate regulator has placed interim stop orders on three crypto funds distributed by Holon Investments Australia Limited, citing the need to protect investors from sinking money into funds that may be too risky and speculative.
High Court won’t hear appeals in COVID-19 business interruption test cases
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An appeals court’s “radical” approach in the treatment of JobKeeper payments won’t be scrutinised by the High Court, which on Friday declined to hear an appeal by IAG in the second set of COVID-19 business interruption test cases.
NAB defeats unconscionable conduct case by vehicle finance brokerage
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A judge has tossed a broker’s lawsuit against NAB and its former subsidiary FAST, finding the bank was entitled to terminate its accreditation over the use of a banned broker’s trail book.
ANZ close to settling class action over ‘junk’ add-on insurance
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Insurer QBE has settled a class action over ANZ’s sale of allegedly worthless add-on insurance, and the applicants are “hopeful” that the bank and two other named insurers will soon reach a deal to resolve the claims against them.
Austal hit with $700,000 penalty over $3.5B US Navy program disclosures
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Defence shipbuilder Austal and its CEO have agreed to pay a combined $700,000 in penalties for violating the Corporations Act by failing to notify the market of a US$90 million writeback related to the company’s $3.5 billion US Navy warship program.
Woolworths says 2.2M customers affected by MyDeal data breach
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Woolworths unit MyDeal has begun contacting 2.2 million customers whose data has been compromised in the latest data breach to hit a major Australian company.
Court sides with Deicorp in $90M suit over sale of properties in Sydney’s Castle Hill
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Property developer Deicorp has secured a win in a lawsuit brought by a Hong Kong real estate billionaire after Deicorp reneged on a $45 million property deal, with a judge finding the purchaser failed to properly nominate its special purpose vehicle under the contract for sale.
Network Ten stiffed Brisbane GM out of $330,000 in bonuses, lawsuit claims
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Ten’s general manager, Brisbane has filed a lawsuit alleging the media company owes her $330,000 in bonuses.
Retail Food Group files bid to quash franchisee class action
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Retail Food Group has filed an application to shut down a class action by former franchisees of its Michel’s Patisserie chain who claim to have suffered losses stemming from changes to the franchise giant’s supply chain in 2015 and 2016.