Securities
BHP settles shareholder class action over Brazil dam collapse for $110M
A shareholder class action over BHP’s disclosures about a Brazilian dam that collapsed 10 years ago has settled for $110 million on the eve of trial, one of a handful of class actions to settle for over $100 million.
Class Actions
Harvey Norman faces class action over ‘interest free’ ads
Homegoods retailer Harvey Norman is facing a class action by customers who paid more than they bargained for after being enticed by 'interest free' ads which the Federal Court has found to be misleading.
ASIC
‘Inordinate and disproportionate’: Judge slams ASIC’s case against lender Money3
A judge has rejected all but two claims by ASIC in a suit against car finance provider Money3 and criticised how the regulator ran its case, saying it had consumed an "inordinate and disproportionate amount of the judicial and administrative resources of the court".
Competition & Consumer Protection
Building materials giant CSR hits back at competition case over COVID-19 price increases
Saint Gobain-owned CSR has hit back at building insulation distributor Consolidated Energy's claims it engaged in anti-competitive conduct by increasing its prices during COVID-19, saying the cost increases were due to events beyond its control.
Class Actions
Declassing bid fails in class action over ‘cookie cutter’ legal advice
The peak body for community legal centres has lost its bid to declass a class action alleging survivors of institutional child sexual abuse who settled their claims under the National Redress Scheme were given negligent ‘cookie cutter’ legal advice.
Tax
Former PwC boss banned for four years over tax leaks scandal
Former PricewaterhouseCoopers CEO Thomas Seymour has been banned from registering as a tax agent for four years, after the regulator found he permitted a culture within the accounting firm of sharing confidential information.
Competition & Consumer Protection
Good Guys hit with $13.5M penalty for misleading customers about store credit
A judge has signed off on a $13.5 million penalty agreed to by retailer The Good Guys for making misleading statements about store credit and StoreCash schemes to customers.
Employment
Coles, Woolworths facing $780M underpayments bill after court ruling
Coles and Woolworths estimate they will need to remediate underpaid workers up to $780 million, following a complex judgment in two class actions and regulatory proceedings handed down last week.
Real Estate
With $2.9B to spend, Macquarie’s real estate fund launches land lease platform
The real estate division of investment bank Macquarie has made its foray into the land lease industry, with a plan to deliver thousands of homes on Australia's east coast through a new platform.
Construction
CSR says higher insulation costs during COVID-19 due to forces beyond its control
Building materials giant CSR has hit back at a misuse of market power case brought by building insulation distributor Consolidated Energy over COVID-19 price increases, blaming the higher prices on forces beyond its control.
