Virgin Australia’s insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.
The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
A class action on behalf of 3,500 business owners along Sydney’s light rail route has told a court that group members bore the brunt of the project’s delayed construction, described as “a train wreck which could be predicted from a mile away”.
The outgoing deputy chair for the Australian Competition and Consumer Commission says Australia “really needs” a new unfair practices law, echoing sentiments from the regulator’s former boss.
The applicants in a consumer class action against Allianz have been ordered to produce an insurance policy that covers them for the risk of losing the case, which the insurer says will inform its bid for security for costs.
Fonterra has agreed to shell out $25 million to settle a class action by dairy farmers alleging they were underpaid when Fonterra slashed milk prices and sought a “clawback” in 2016.
The chair of the Australian Securities and Investments Commission has warned consumers about investing in “risky, speciality, poorly understood” crypto-assets, as the regulator steps up its investigations into managed funds acting in the space.
The Australian Securities and Investments Commission has drawn “a line in the sand” on greenwashing and will no longer accept “purely aspirational” climate change targets from companies, the regulator’s deputy chair has said.
The Australian Securities and Investments Commission is targeting predatory lending, greenwashing and crypto-assets as rising interest rates cause consumers to turn to fringe sources of credit.
Lendlease and other major builders have secured a significant victory in a long-running case brought by the liquidators of failed engineering company Hastie Group, with a judge saying Hastie wasn’t entitled to the proceeds of bank guarantees withdrawn by the builders when it collapsed 10 years ago.