A judge has ordered 17 companies connected to Mayfair’s “failed” IPO Wealth Fund to be wound up after finding the fund’s director put investor money at risk through “highly speculative” investments to make a windfall for himself.
The Australian Competition Tribunal has shot down ACCC moves to restrict the use of buy now, pay later finance for the purchase of solar goods and other new energy technology products.
The director of besieged investment group Mayfair 101 has called for an investigation into the Australian Securities and Investments Commission, calling a winding up proceeding brought by the financial watchdog “a form of malicious prosecution” based on a “flawed fundamental misunderstanding” and supported by an erroneous report from auditor Deloitte.
GetSwift has promised the Federal Court that it will inform the lead applicant in a shareholder class action if any of its assets are to be transferred outside of Australia, after the applicant raised concerns about the logistics company’s proposed relocation to Canada.
Ernst & Young is facing a claim for $12 million damages in a lawsuit over its auditing of collapsed soda ash maker Penrice.
John Karantzis, the CEO of fintech company iSignthis, has launched defamation proceedings against Fairfax, targeting an Australian Financial Review article over the 900 per cent share price jump in Etherstack, a wireless radio tech company in which Karantzis owns shares.
The Australian Securities and and Investments Commission has won a $57.5 million judgment against two units of National Australia Bank for making misleading representations to superannuation customers regarding $100 million in fees charged for services they never received, far short of the $125 million sought by the corporate regulator.
Clive Palmer has brought another lawsuit trying to stifle funding for a class action filed by villa owners at the deserted Palmer Coolum Resort on the Sunshine Coast.
A former Maple Brown Abbott analyst has been sentenced to three years after pleading guilty to insider trading and communicating inside information in relation to $1.6 million in shares of collapsed video company Big Un.
The judge overseeing a class action against GetSwift has refused to disqualify himself from the proceedings, rejecting claims that he could not be seen to approach the case with an “impartial mind” and taking a passing shot at the logistics company’s use of the Americanism “recuse” in its application.