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Australia's five biggest banks have paid out $21.4 million since the end of 2016 to consumers harmed by advice that violates financial services regulations, the Australian Securities and Investments Commission said Tuesday.
The ACCC has set out its priorities for 2018, and bigger penalties for big business flouting competition laws is top of the agenda, the commission's chief said Tuesday.
S&P Global Ratings has reached a settlement in an Australian class action by investors who bought toxic products rated healthy by the U.S. credit reporting agency ahead of the global financial crisis, a deal that includes over $4.6 million in legal fees.
Under new rules set to take effect Thursday, organisations will face stiff penalties for failing to promptly notify the Australian Information Commissioner and affected individuals when a data breach occurs.
The judge who sided with Medibank in the ACCC's failed case last year paid little attention to one of the consumer regulator's central arguments against the private health insurer, a court heard Monday.
Treasury Wine Estates has brought a trademark case against Rush Rich for allegedly making and selling copycat Penfolds products in China and Australia.
Myer and its law firm Clayton Utz have won a ruling from the Supreme Court of Victoria ordering the department store's landlords at Chadstone Shopping Centre to pay its full legal bill after it won a multi-million dollar dispute over the terms of their lease.
Vodafone has been hit with a class action in the US alleging it failed to inform shareholders that it violated Australian law by selling pre-paid mobile phones without first verifying customers' identities.
A Federal Court judge in Melbourne has slapped Australia and New Zealand Banking Group with a $5 million fine for failing to properly vet customers' financial backgrounds when providing car loans.
The Australian Patent Office wants the Federal Court to uphold its decision refusing an application by marketing technology start-up Rokt for a patent covering its online advertising system, offering fresh justification.