The Australian Securities and Investments Commission has suffered a defeat in proceedings alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, with a judge finding the regulator “ignored the circumstances” in which the product was distributed.
Two former executives of defunct electronics retailer Dick Smith have asked the High Court to hear their challenge to a $11.8 million damages award for approving a dividend payment the company could not afford.
The federal government has flagged reforms to Australia’s privacy laws in the wake of a cyberattack that left the data of up to 10 million current and former Optus customers exposed, including heftier penalties for companies that fail to safeguard users’ personal data.
The Australian Securities and Investments Commission has filed long-awaited action against troubled tech company Nuix and a handful of former and current directors over allegedly misleading revenue announcements to investors.
As the FBI joins the hunt for the hackers behind last week’s massive data breach at Optus, a second law firm has launched an investigation into possible claims against the telecommunications giant.
The applicant in an investor class action against Virgin Australia plans to appeal a judge’s decision requiring litigation funder Balance Legal Capital UK to give the airline an indemnity in order to bring the proceedings, saying the indemnity “substantially changes the risk calculus” for group members.
The judge overseeing a class action against US medical device maker Boston Scientific is considering appointing a contradictor to look over the $105 million settlement reached in the case, despite seeing no obvious obstacle to approving the deal.
Santos has filed an appeal after Tiwi Islanders won a Federal Court challenge to a $4.7 billion Barossa offshore gas project, with a judge finding they were not properly consulted about the project, which they say would harm their culture and way of life.
A judge overseeing mining magnate Clive Palmer’s latest spat with the West Australian government has declined to issue an injunction preventing the state from enforcing liabilities against Palmer’s companies Mineralogy and International Minerals under the controversial ‘Palmer Act’.
A judge has paused a class action on behalf of 6,000 women allegedly injured by defective pelvic mesh devices pending determination of an application by Astora Health for a stay of the proceedings following its bankruptcy filing.