ASIC

Two units of insurer IAG are facing possible class actions that mirror claims in proceedings brought by the Australian Securities and Investments Commission last week that accuse the insurer of misleading home owners insurance customers about loyalty discounts.

Star Entertainment coughed up $595 million in regulatory and legal costs in the 2023 financial year, as it faces ongoing disputes with ASIC and AUSTRAC and an $80 million class action.

The corporate regulator has lost its civil case against Frank Wilson, the founder of sandalwood oil producer Quintis, after failing to persuade the Federal Court he withheld from the board the termination of major supply contracts with a Nestle unit.

Delivering on one of its enforcement priorities, the Australian Securities and Investments Commission has taken two units of insurer IAG to court for allegedly misleading home owners insurance customers about loyalty discounts.

Former G8 Education chair Jennifer Hutson has lost an appeal of a decision that found she was not unlawfully examined by the corporate regulator over the childcare company's $162 million hostile takeover bid for Affinity Education Group.

The corporate regulator has failed in its case targeting an individual insolvency practitioner for alleged illegal phoenix activity.

Mercer Superannuation is likely to admit liability in the corporate regulator’s maiden greenwashing case, a court has heard.

Cryptocurrency lender Helio Lending Pty has been slapped with a non-conviction bond for falsely claiming that it held an Australian credit license.

ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.

Noumi has admitted in a case by ASIC to breaching its continuous disclosure obligations by overstating the value of its inventory and failing to give a true and fair view of the company’s financial position.