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The Australian Law Reform Commission has recommended the establishment of a federal judicial commission as a “transparent and independent” way of addressing concerns about the conduct of judges.
‘No brainer’ that Arrium was failing when directors drew down funds, court told
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Several lenders have appealed a ruling that found they failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse, saying it was a “no brainer” that the company was in dire straits when its directors sought extra funds.
Mazda’s conduct not just ‘appalling customer service’ but unconscionable, ACCC says
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A judge was wrong to find that Mazda’s treatment of customers with faulty vehicles was appalling but not unconscionable, and nowhere in his ruling is there an explanation for the distinction, the consumer regulator has told an appeals court.
ASIC won’t enforce $7.2M penalty against Dixon Advisory
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The Australian Securities and Investments Commission will not seek to enforce a $7.2 million penalty agreed to by Dixon Advisory after admitting to the regulator’s allegations that it failed to act in its clients’ best interests.
Award-winning criminal defence lawyer struck off the roll for ‘brazen dishonesty’
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A lawyer has had his name struck off the roll for misconduct that “represented a gross departure from proper professional standards,” including making false claims for Legal Aid disbursements.
IAG hit with shareholder class action over COVID-19 risk disclosures
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Insurance Australia Group faces a class action by shareholders over its disclosures connected to the impact of COVID-19 claims by policyholders.
Slater & Gordon wins beauty parade, group costs order in Beach Energy class action
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Slater & Gordon has defeated Shine Lawyers in a contest to run a shareholder class action against Beach Energy, with a judge finding Shine’s tiered contingency fee arrangement was “mere window dressing”.
Bell Potter defeats $10M lawsuit over 1 minute trading call
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Bell Potter has defeated a lawsuit by Nicholas Bolton’s Keybridge Capital over a 2015 phone call which lasted one minute and 18 seconds in which the investment firm was accused of committing its client to buy $10 million worth of shares in defunct Molopo Energy.
Chubb falls short in $2.3M dispute over coverage for Inchcape ransomware attack
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A judge who lashed “unsatisfactory cooperation” between Chubb and British automotive distributor Inchcape has found the insurer’s policy covers some but not all costs stemming from a cyber attack which allegedly caused over $4 million in loss.
Big Un auditor convicted of failing to comply with auditing standards
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The lead auditor for Big Un’s flawed 2017 independent audit, which overstated the failed video company’s cash and cash equivalents by $8.2 million, has been convicted of failing to comply with auditing standards following an investigation by ASIC.