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The Australian Competition and Consumer Commission has appointed an esteemed Herbert Smith Freehills competition partner who defeated some of the regulator’s most high-profile merger challenges to be a commissioner.
Vina Money Transfer to plead guilty in criminal cartel case
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Money transfer business Vina Money Transfer and two of five individuals accused of fixing foreign exchange rates on millions of dollars transferred between Australia and Vietnam will plead guilty to criminal cartel charges, a court has heard.
Slater & Gordon’s former boss admits to ‘catastrophic error’
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Former Slater & Gordon managing director Andrew Grech has told the Federal Court he regretted his “catastrophic error” in approving the $1.2 billion acquisition of Quindell’s professional services division, which resulted in massive losses for the plaintiffs law firm.
Arnold Bloch Leibler to pay $28M in class action settlement
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Law firm Arnold Bloch Leibler will part with $28 million in its settlement with Slater & Gordon shareholders over advice ahead of the plaintiffs firm’s disastrous $1.2 billion Quindell acquisition.
Judge pulls up ASIC for ‘strange’ handling of GetSwift case
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A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator’s failure to seek a court injunction to prevent the company’s relocation to Canada.
Norton Rose wins appeal against sacked partner, but faulted for ‘serious error in judgment’
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Law firm Norton Rose Fulbright has won its appeal of a $160,000 judgment in favour of former partner Thomas Martin, with the Full Federal Court finding Martin’s allegations of deceit arose from “an excess of suspicion” and “causal connections of the most tenuous kind”.
Banksia judge made no allowance for ‘youth and inexperience’ of Mark Elliott’s son, appeal says
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The judge who made findings against the son of the mastermind behind the Banksia class action scam may have formed strong views about the 27-year-old’s role before he testified and used the flawed suggestion that he was his father’s right-hand man as an “evidential gap filler”, an appeals court has been told.
Group costs order not ‘appropriate or necessary’ in G8 shareholder class action, court told
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A judge hearing the second ever application for a group costs order in a shareholder class action against early childhood education provider G8 Education has heard she should reject the request because it is not “appropriate or necessary” to ensure justice in the proceeding.
AMP’s bid to declass insurance class action ‘antithesis’ of interests of justice, court rules
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Financial services company AMP has lost its bid to de-class representative proceedings brought on behalf of 1.5 million insurance customers.
Beach Energy faces second shareholder class action
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Beach Energy has been hit with a second shareholder class action in as many days over allegedly misleading earnings projections for its Western Flank oil and gas reserves in the Cooper Basin.