Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
The Australian Competition and Consumer Commission is preparing to launch five ground-breaking court cases against internet behemoths Google and Facebook, the regulator’s chair, Rod Sims, said Tuesday.
AFT Pharmaceuticals has challenged a Federal Court decision that found its Maxisegic ads were misleading and deceptive, saying the judge “set the bar too high” by requiring it to prove there was an adequate scientific foundation for its painkiller representations.
Westpac has defeated a responsible lending case brought by the Australian Securities and Investments Commission in relation to almost 262,000 home loans, with the Federal Court finding the corporate regulator misinterpreted the operation of national lending laws.
The plaintiffs in an investor class action brought against the insurers of Dick Smith have lost an early bid to determine the viability of their claim, amid concerns that the total value of five separate cases against the failed retailer will exhaust the $300 million limit of two insurance policies.
Indonesian airline Garuda has failed in its bid to stay a $19 million penalty for its role in a fuel surcharge cartel after telling the Federal Court it has debts of $480 million, with a judge saying he would be allowing the company to trade while insolvent if he granted the stay.
The NSW Independent Liquor & Gaming Authority will hold a public inquiry with the powers of a royal commission to examine James Packer’s proposed sale of Crown Resorts shares to gaming mogul Lawrence Ho’s Melco Resorts & Entertainment.
Westpac and two of its subsidiaries have been hit with a $1.5 million penalty by the Australian Prudential Regulation Authority for failing to meet their reporting obligations.
Construction giant Lendlease has filed its defence in one of two shareholder class actions filed against it, saying any losses investors allegedly suffered were wholly or partly due to their own failure to take reasonable care.
Mining magnate Clive Palmer says he feels “vindicated” after reaching a multimillion dollar settlement that resolves the majority of claims brought against him following the $200 million collapse of his company Queensland Nickel in 2016.