Commonwealth Bank and other lenders of failed steel giant Arrium have lost a second attempt to put two of the company’s directors on the hook for alleged misleading representations on loan drawdown notices ahead of its $2.8 billion collapse.
A court has appointed a referee to examine whether a law firm’s communications with Golden Financial furthered a plan by the financial advisory firm to divert assets to minimise a penalty sought by the corporate regulator in the first case alleging a breach of the so-called best interest duty.
A judge has questioned an “unusual” bid by Noumi to shield over 3,000 documents, their titles and the identities of those who sent them to PricewaterhouseCoopers during a 2020 investigation into the food company’s financial position.
A former Courtenay House contractor and investment promoter is the latest to be sentenced to a term of imprisonment over an alleged $180 million Ponzi scheme, for which he netted $670,000 in commissions.
National Australia Bank has moved to set aside discovery requests in a suit by its former head of repo trading alleging she was bullied and paid less than other workers because of her gender.
A Melbourne investor who posted in an online forum that a pump and dump scheme was all part of the “fun and games and cat and mouse of the stock market” has been sentenced to two and half years imprisonment for market manipulation.
Wealth management firm Ord Minnett has paid an $888,000 penalty for twice breaching market integrity rules in executing a share buy-back with “pre-arranged” trades.
The Victoria Supreme Court will not appoint a contradictor to weigh in on the reasonableness of a $1.25 million settlement offered by companies associated with the wife of a once prominent silk struck from the roll over the Banksia Securities class action scandal.
The Australian Securities and Investments Commission has gone after a superannuation fund over a Facebook post that allegedly overstated the fund’s positive environmental impact.
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.