An appeals court has dismissed a challenge brought by a Snap Fitness franchisee to a ruling that found insurer Lloyd’s could rely on a conformity clause in its policy to deny business interruption coverage to the NSW gym for losses related to COVID-19.
Mastercard had a legitimate and pro-competitive reason for reaching agreements with major retailers to choose its network over Eftpos for debit card processing, a court was told Wednesday in the competition regulator’s misuse of market power case against the financial services behemoth.
The ACCC has taken Mastercard to court for allegedly misusing its market power by giving major retailers discounted interchange rates in exchange for them agreeing to process their debit card transactions through Mastercard instead of the cheaper eftpos network.
Engineering company Worley is challenging an appeals court ruling that allowed a shareholder class action against it to continue, arguing the Full Court’s finding that opinions which “ought reasonably to have been held” should be disclosed to shareholders would lead to “absurd consequences”.
Five major banks including JPMorgan, Citibank and UBS have denied all wrongdoing in a class action accusing them of entering a cartel agreement to rig foreign exchange rates and argue the claims were brought out of time or are barred by settlements in overseas proceedings.
Aircraft engineers for Qantas have lost a challenge to a ruling that the airline had no “genuine choice” when it stood them down in March 2020 during the COVID-19 pandemic.
Lloyd’s has scored a win in a COVID-19 business interruption case, with a judge ruling the insurer can rely on a conformity clause in its insurance contract with a Snap Fitness franchisee to deny coverage.
An appeals court has sided with shareholders in their challenge to a ruling tossing a class action against engineering services company Worley, which was found to have had reasonable grounds for issuing overly rosy earnings guidance eight years ago.
Qantas has been ordered to pay $9.5 million in unpaid fees after the Western Australia Supreme Court resolved a dispute over the “fair and reasonable” amount owed for terminal services provided for the airline’s domestic and international flights.
The Australian Securities and Investments Commission has dropped all but one claim against Rio Tinto in a four-year-long case over disclosures related to its troubled $5.8 billion acquisition of a Mozambique coal mining business and abandoned all claims against the mining giant’s former CEO and CFO.