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ASIC has launched court action against two Commonwealth Bank of Australia subsidiaries that have admitted multiple “systemic compliance failures”, including the overcharging of more than $4.3 million in brokerage fees.
In ‘warfare’ with Sino Iron, judge tosses Clive Palmer’s fight over $530M in mine remediation costs
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Clive Palmer’s Mineralogy has lost its bid to make Sino Iron and Korean Steel cough up over $529 million for mine site remediation in Western Australia, after the mining company argued the terms of their contracts required an immediate lump sum payment.
Arrium ‘bled cash’ from banks prior to $2.8B collapse, court told
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Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.
Gatto loses defamation case over ABC report on alleged threat to kill Gobbo
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Melbourne underworld figure Mick Gatto was not defamed by an online ABC article reporting on witness evidence given in court alleging he helped arrange the murder of Victor Pierce and threatened to kill barrister Nicola Gobbo, a judge has ruled.
EY strikes back in Pitcher Partners class action over Slater & Gordon audit
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Professionsal services giant EY has added to the many cross-claims flying in the shareholder class action against Pitcher Partners over advice to law firm Slater & Gordon, and has alleged the accounting firm engaged in misleading or deceptive conduct and negligence and that it breached its retainer.
ACCC’s cartel case against crane company incoherent, court told
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The ACCC’s cartel case against family-owned crane company NQCranes suffers from ‘incoherence’, the company’s counsel told the Federal Court on Monday ahead of an application to strike out a large portion of the regulator’s case.
Startup litigation funder CASL grows ranks with raid on rival funder
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Less than four months after its establishment, litigation funder CASL has hired four investment managers from Litigation Lending Services, in a move that may dramatically shrink the rival funder.f
ASIC proves prescient with failure of mediation on eve of IOOF trial
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ASIC’s warning about the futility of mediation with an IOOF subsidiary has proved prophetic, with talks last week failing to resolve the regulator’s case ahead of trial starting Monday.
Young Rich Lister’s company hit with trade mark lawsuit
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A company run by an AFR Young Rich Lister has been taken to court for allegedly infringing an Indigenous-owned entrepreneurship coaching company’s trade mark.
MinterEllison bolsters tax controversy team with hire of ATO veteran
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Big Six law firm MinterEllison has snagged a a former deputy commissioner of the Australian Taxation Office to strengthen its tax controversy team.