The Australian Securities and Investments Commission has told a trial judge that superannuation trustee Diversa can’t hide behind outsourcing arrangements to explain its alleged failures to oversee a now-banned financial adviser accused of luring vulnerable customers into signing up to Diversa accounts.
Global firm White & Case has recruited two senior lawyers from Clayton Utz to head up its newly established financial insolvency practice in Australia.
Piper Alderman has strengthened its real estate team, appointing a former Holding Redlich partner to its Brisbane office.
The NSW government has been hit with a class action by Sydney Trains operations staff alleging a “systemic pattern” of underpayment and overwork.
Wholesale retailer Costco has paid a penalty of $33,000 to the consumer watchdog after being caught out for labelling imported lobster as locally sourced.
A judge has rejected a bid by the administrator of a collapsed company to claw back a payment of security for costs made in earlier litigation, which he found did not give rise to a relevant security interest.
A Federal Court judge overseeing a class action against IG Markets over risky financial products has questioned whether courts should take a “more robust” approach to avoid the “nonsense” of competing class actions, amid the threat of a second class action being filed in the Supreme Court of Victoria.
A judge has found the state of NSW liable to compensate the lead plaintiffs in a class action brought on behalf of small businesses over the “substantial and unreasonable” interference caused by the construction of Sydney’s $3 billion light rail network, but he flagged “significant problems” in applying his findings to thousands of potential group members.
The corporate watchdog has cancelled the AFS licence of FTX Australia, the Australian subsidiary of collapsed cryptocurrency exchange FTX.
Senior EY partners have condemned PwC and attempted to distance the firm from the scandal that has rocked the industry, but its cleanskin claims were met with scepticism by senators, who questioned the failure to provide EY’s partnership deed and remuneration details.