Two executives involved in ANZ’s $2.5 billion equity capital raising have stood by arguments that the book was covered when the bank’s underwriters took up $750 million of the shares, despite ASIC’s allegations of “receding demand” on the day of the placement.
ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.
A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.
Lawyerly’s Litigation Law Firms of 2022 racked up precedent-setting victories in a year that continued to see major developments in class action law.
The West Australian government has flagged a bid to scuttle mining magnate Clive Palmer’s latest lawsuit claiming he can sue the state for up to $30 billion over mining tenements in the Pilbara.
Grain producer Viterra will be ordered to pay Cargill Australia $168.9 million after a judge found the Glencore-owned company misrepresented the performance capabilities of malt producer Joe White when it sold the company for $420 million in 2013.
Food giant Cargill Australia has won its lawsuit against Glencore-owned Viterra alleging it misrepresented the performance capabilities of malt producer Joe White when it sold the company for $420 million in 2013.
Beleaguered investment group Mayfair 101 will have to pay a $30 million penalty after a judge found a $12 million penalty proposed by ASIC was “insufficient”.
A challenge to the ACCC’s approval of the merger of major payment platforms BPAY, Eftpos and New Payments Platform Australia has been challenged by a Sydney-based fintech, which has accused NPPA of patent infringement.
The founder of embattled investment group Mayfair 101, James Mawhinney, has said he received legal advice approving the company’s advertising of financial products that a court has found misled investors.