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Online traders win discovery in class action over risky CFDs
Alicia Lyons 2023-05-24 5:16 pm By Sam Matthews

Online trading company CMC Markets has succeeded in accessing advice given to class action members who are seeking to recover 10 years’ worth of “significant” losses incurred while trading risky financial products on its mobile and web-based platforms.

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EML takes aim at shareholder class action over AML/CTF disclosures
Class Actions 2023-05-23 10:13 pm By Cindy Cameronne

Payments processing company EML has hit back at a shareholder class action over its alleged failure to disclose Ireland central bank’s concerns about its anti-money laundering and counter terrorism financing compliance, claiming swathes of the case are liable to be struck out.

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Healthcare REIT can’t add claims against Dexus in trust takeover spat
Allens 2023-05-23 5:45 pm By Sam Matthews

Real estate investment trust NorthWest can amend its pleadings in a lawsuit alleging one of the country’s largest unlisted healthcare property funds conspired to prevent it from acquiring a controlling stake, but has come up short in its bid to add to its claims against property giant Dexus.

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Judge tosses suit over $2M sale of cloud tech provider Experteq
Contracts 2023-05-23 9:32 pm By Sam Matthews

A judge has declined Expert Group’s bid to bring court proceedings about the amount of an earn-out owed under its agreement to sell cloud services provider Experteq IT Services, finding the firm had agreed to resolve the matter by expert determination.

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Queensland charity founders win defamation case over Facebook posts
Defamation 2023-05-23 10:15 pm By Cindy Cameronne

The founders of farming charity Aussie Helpers have won a defamation case against a Victorian woman who made allegedly defamatory comments on Facebook that claimed they committed criminal fraud by using donations for personal purchases.

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Ex-Continental Coal director sentenced for directors’ duty breach
ASIC 2023-05-23 11:59 pm By Gareth Baker

A former director of defunct mining and exploration company Continental Coal has been sentenced to eight months’ imprisonment for failing to act in good faith in performing his directors’ duties in relation to $1 million in bridging finance.  

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Banksia class action funder’s assets likely exceed $19M owing investors
Class Actions 2023-05-22 11:11 pm By Christine Caulfield

The value of assets held by companies linked to the late Banksia Securities class action funder is expected to top the $19 million owing on a court judgment against the fraudster and his c0-conspirators.

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‘Looks like credit, acts like credit’: Government flags reforms to buy now, pay later industry
Financial Services 2023-05-22 2:32 pm By Sam Matthews

Buy now, pay later services will soon be regulated as credit products under proposed changes to the law flagged by the federal government amid concerns about financial risks the service poses to consumers.

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Union test case alleges John Holland blocked silica dust testing efforts
Construction 2023-05-22 10:51 pm By Sam Matthews

The Australian Workers’ Union is targeting John Holland in a new test case alleging the construction giant prevented union officials from testing the levels of dangerous silica dust at its WestConnex tunnel project in Sydney.

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DRA Global can’t suppress ‘scandalous’ details from ex-CEO’s $9M lawsuit
Andrew Pollock 2023-05-22 5:53 pm By Cindy Cameronne

DRA Global has failed to keep under wraps passages from its former CEO’s lawsuit which the engineering firm argued would cause “serious reputational and commercial harm” if published.

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