Companies

National Australia Bank has been hit with a $18.5 million fine after admitting to allegations by ASIC that it failed to adequately disclose its adviser fees for five years.

Reforms by the Morrison government passed earlier this month weakening continuous disclosure obligations will spur corporate defendants to engage in "expensive interlocutory warfare" to shut down class actions right off the bat, and plaintiffs lawyers are waiting to see how the courts interpret the new laws to determine these early strike-out fights.

A judge overseeing a Papua New Guinean politician’s defamation lawsuit has criticised Nine’s refusal to take down two allegedly defamatory articles ahead of a delayed trial, saying there was no reason to keep them online except for the publisher’s “pride or ego”.

A $19.6 million legal bill racked up by the law firm behind two 7-Eleven class actions accusing the convenience store chain of misleading franchisees did not warrant the appointment of a contradictor to a hearing seeking approval of a $98 million settlement, a court has heard.

Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.

The applicant in a Federal Court class action against NAB superannuation trustee NULIS has been ordered to find a sample group member in light of a landmark Victoria Supreme Court ruling that found the plaintiff in a similar class action could not establish any loss.

Convenience store giant 7-Eleven has agreed to pay $98 million to settle two class actions accusing it of misleading franchisees, the largest class action settlement reached so far this year.

The Full Court has thrown out a victory by Crown Resorts in a $100 million dispute over GST assessments on commissions and rebates paid to tour operators that directed international VIP gamblers to two of its casinos.

A judge has criticised the liquidators of collapsed financial group Linchpin Capital after they failed to inform the court whether they intend to defend class action proceedings or if default judgment should be made against the company.

Former vice president of the Victorian Liberal Party Marcus Bastiaan has hit Nine with a defamation lawsuit over an explosive 60 Minutes report which allegedly implied the Sydney man was a political power broker with an illegal branch stacking operation.