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The Australian unit of French investment bank Société Générale must pay a $30,000 penalty after pleading guilty to four counts of breaching client money handling rules.
Property group Cromwell loses discovery bid for case against hostile suitor ARA
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Real estate investment giant Cromwell Property Group will not get the court’s help in pursuing a case of “unlawful association” against its largest shareholder, Singapore-based ARA Group, which has made a $518 million hostile takeover bid, and the family of Chinese billionaire Gordon Tang.
Icon wins dispute with insurers over Opal Tower coverage
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Construction firm Icon Co has won a coverage dispute with its insurers over $31 million in losses stemming from Sydney’s ill-fated Opal Tower, whose residents were evacuated after cracks appeared in the tower’s walls on Christmas Eve in 2018.
Banned celebrity financial advisor Sam Henderson fined $10,000
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Former celebrity advisor and banking royal commission witness Sam Henderson has avoided jail time and been fined $10,000 after pleading guilty to dishonesty and defective disclosure offences for falsely telling clients he had completed a Master of Commerce degree.
Contradictor in 7-Eleven class action backs court’s power to make CFOs
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A contradictor appointed in two class actions against 7-Eleven will argue before the Full Federal Court that the court has power both in equity and under the Federal Court of Australia Act to make common fund orders in class actions on settlement or judgment.
‘O Come, All Ye Faithful’ inspired Twisted Sister rock anthem, Dee Snider admits
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Heavy metal singer Dee Snider has admitted under cross-examination that ‘O Come, All Ye Faithful’ influenced Twisted Sister’s rock anthem ‘We’re Not Gonna Take It’ but denied that he had “borrowed” elements of the Christmas carol for the 1985 hit.
AIG settles case against ex-Kaboko Mining directors after D&O policy exclusion spat
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AIG has settled a lawsuit brought by Kaboko Mining against several former directors alleging they failed to exploit commercial opportunities, after the insurer failed to convince an appeals court that an insolvency exclusion in the company’s D&O policy should exempt it from covering the claims.
Sydney lawyer can’t delay appeal in sports betting class action
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A Sydney lawyer has lost her bid to vacate an upcoming hearing in her appeal of a judge’s finding that investors who sank $12.3 million into a fraudulent sports betting scheme run by convicted conman Peter Foster lost money because of her failure to come forward with the truth.
In partial win for QBE, judge pares back ANZ add-on insurance class action
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A judge has sided in part with QBE Insurance and pared back a class action over allegedly worthless add-on insurance sold by ANZ to credit card and personal loan customers.
Game over for Monster Energy’s opposition to ‘Monster Strike’ trade mark
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A judge has shot down Monster Energy’s opposition to Japanese software company Mixi registering the ‘Monster Strike’ trade mark in Australia for its popular video game of the same name, the second judge to find the energy drink maker’s standalone ‘Monster’ mark does not have a significant reputation in Australia.