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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.
NSW ICAC says pork barrelling could constitute criminal corruption
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The NSW Independent Commission has found that pork barrelling, in which a minister directs public funds for partisan political purposes, could sometimes amount to criminal corruption and has called for better regulation of grants funding.
Lawyers enjoy 20% pay bump but market faces ‘economic headwinds’: report
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Salaries for junior to mid-level lawyers have increased by 20 per cent in the last year but the legal market is facing difficulties as firms struggle to fill positions, causing the traditional law firm pyramid structure to “collapse”, a report has found.
ASIC says judge should not wait on High Court in case against payday lenders
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The corporate regulator will challenge a bid by payday lenders Cigno and BHF to stay its case pending their appeal to the High Court.
Zurich won’t OK NZ apartments class action as it mulls High Court appeal
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Irish insurer Zurich Insurance has refused consent for a class action over a defective New Zealand apartment block to proceed in the NSW Supreme Court as it mulls a High Court challenge to the case.
CFMMEU hit with maximum penalty after alleged homophobic slurs
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The CFMMEU and two of its officials have been hit with the maximum penalty for allegedly breaching right of entry rules and calling a safety advisor “disgusting homophobic slurs” at a worksite on the $5.4 billion Queensland Cross River Rail project.