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The parents of accused Sydney fraudster Melissa Caddick may need to bring court proceedings to retain their $2.6 million Edgecliff home and recoup $1.2 million they gave to their daughter for the mortgage.
ASIC gets time to mull class action’s bid to ring-fence $7.2M Dixon Advisory penalty
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A court has delayed a hearing on a bid by the applicant in a class action against Dixon Advisory to freeze a $7.2 million penalty secured by the Australian Securities and Investments Commission against the self-managed superfund provider so the corporate regulator can consider its position on the request.
ACCC approves NAB’s $1.2B acquisition of Citi’s consumer business
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The Australian Competition and Consumer Commission has given the green light to the National Australia Bank’s proposed $1.2 billion acquisition of Citigroup’s Australian consumer business, finding the deal is not likely to substantially lessen competition.
Controversial class action bill passes House by slim margin
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The federal government’s latest class action reform bill that would effectively cap legal fees and funding commissions has narrowly passed the House of Representatives.
Greensill Bank says IAG unit owes $48.5M under trade credit policy
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The insolvency administrator of Germany-based Greensill Bank AG has launched court proceedings against Insurance Australia Limited seeking US$35 million allegedly owed under a policy indemnifying the collapsed financial services firm for unrecovered debts.
Lawyers, funder want 35% cut of $125M Crown class action settlement
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The lawyers and funder behind a shareholder class action against Crown Resorts will be asking the court to approve fees and commission worth 35 per cent of a $125 million settlement with the gaming giant, leaving over $81 million for group members.
a2 Milk faces second shareholder class action
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Dairy giant a2 Milk has been hit with a second class action alleging it misled shareholders by providing an overly rosy forecast for its infant formula sales.
Peter Dutton wins $35,000 in defamation damages over ‘rape apologist’ tweet
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Defence minister Peter Dutton has won $35,000 in damages in a defamation case over a tweet accusing him of being a rape apologist, with a judge finding the tweet conveyed that the minister “excuses rape”.
In class action defence, Merivale says it shouldn’t be forced to backpay staff
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Hospitality giant Merivale has streamlined its defence of a $129 million underpayment class action, arguing that it shouldn’t be expected to back pay employees because it operated its business under the mistaken belief that its enterprise agreement governing staff at 70 of its venues was valid.
ASIC imposes new conditions on ASX following multi-billion dollar outage
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The Australian Securities and Investments Commission has imposed additional license conditions on the Australian Securities Exchange after operational issues created a “very serious” outage last year.