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‘The book was covered’: ANZ fights ‘entirely novel’ ASIC case over $2.5B share placement
Allens 2023-04-26 11:18 pm By Sam Matthews

ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.

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Class action argues fraud exception makes Norton Rose, Deloitte emails fair game
Allens 2023-04-26 11:47 pm By Cindy Cameronne

A class action over the collapse of Walton Construction has argued the National Australia Bank cannot shield communications with Norton Rose Fulbright and Deloitte because they were made to further a fraud or otherwise had an illegal or improper purpose.

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AIG can’t withdraw admission in Linchpin class action
Assembly Law 2023-04-26 11:31 pm By Cindy Cameronne

A judge has refused American International Group’s bid to withdraw an admission that directors of defunct advisory firm Linchpin Capital were covered under a D&O policy in an investor class action that has settled against everyone but the insurer. 

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ANZ exec ‘deeply concerned’ about $2.5B share placement shortfall, court hears
ACCC 2023-04-24 10:03 pm By Sam Matthews

A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.

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Class action plaintiffs get same relief from limitation periods as group members: judge
Class Actions 2023-04-24 10:54 am By Cindy Cameronne

A judge has found that lead plaintiffs in a class action by commercial fishing operations against Gladstone Ports can bring new claims out of time, saying it would be “grossly inconsistent” if group members had broader limitation relief than representative parties.

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Facebook ad shows use of ‘Motherland’ trade mark, High Court told
Appeals 2023-04-24 10:55 pm By Cindy Cameronne

The High Court has been asked to weigh in on whether online ads targeting Australian consumers can be the basis for a trade mark registration, in a long-running intellectual property spat between the maker of Mother Energy drinks and Vittoria Coffee over their respective ‘mother’ marks.

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Court orders winding up of investment firm Ascent amid Ponzi scheme claims
ASIC 2023-04-24 2:54 pm By Sam Matthews

A court has wound up Ascent Investment and Coaching, after ASIC filed proceedings against the company and director Michael Dunjey over concerns that investor funds may have been improperly dealt with.

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‘They’re not going to get anything until 2030’: Irate judge slams delays in live export ban case
Agriculture 2023-04-21 3:38 pm By Sam Matthews

A judge has railed against continuing delays in a class action against the Federal Government over its total ban on live cattle exports to Indonesia in 2011, as group members continue to go unpaid almost three years after a ruling awarding $2.9 million to the lead applicant.

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High Court grants special leave to Dick Smith execs
Alice Zheng 2023-04-21 11:57 pm By Cat Fredenburgh

The High Court has agreed to hear the appeals of two former Dick Smith exes following judgments that awarded a total of $55 million in damages to NAB and the receivers of the defunct electronics retailer.

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Tyro customers to get 40% of settlement in EFTPOS outage class action
Bannister Law 2023-04-21 4:22 pm By Christine Caulfield

Retailers represented in a class action against Tyro over an EFTPOS outage will get 40 per cent of a settlement with the fintech after a funding commission and fees are deducted.

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