Sunshine Loans has lost its bid to have the Full Court weigh in on ASIC’s authority to seek penalties for Credit Code violations, in proceedings accusing the online lender of charging over $320,000 in prohibited fees.
The High Court has rejected an appeal by a mortgage broker in a saga stretching back a decade, when the corporate regulator imposed a lifelong ban against the broker for failing to disclose a conviction on his credit licence application.
A judge overseeing a superannuation class action against two Westpac units that settled for $30 million has flagged the possibility of appointing a contradictor to examine the litigation funder’s claimed cut of the settlement, which includes a deduction of over $1 million to cover the costs of after-the-event insurance.
Facebook has agreed to pay a $20 million penalty for misleading consumers by representing that its discontinued Onavo Protect mobile app would keep users’ personal activity data private, when in fact it was being collected for commercial use.
Skincare giant L’Oreal has lost the rights to use a 23-year-old trade mark for branding some of its products, after a competitor successfully campaigned IP Australia to strike it from the register for non-use.
Armaguard and rival Prosegur have secured authorisation for their proposed merger from the ACCC, which has found the likely reduction in competition in the cash transport industry was outweighed by the public benefits of the transaction.
The former chief financial officer of Big Un has become the third person to be charged with insider trading connected to shares in the defunct video producer.
The Australian Taxation Office has won a long-running case over an international tax evasion scheme by a company linked to the Binetter family after uncovering evidence showing earlier judgments were secured by fraud.
Insurers Suncorp and AAMI have back-paid $32 million to thousands of employees who were underpaid over a period of almost eight years. The insurers will also make a $520,000 contrition payment to the Commonwealth as part of an enforceable undertaking entered into with the Fair Work Ombudsman. Suncorp underpaid over 15,800 employees between May 2014…
ANZ has rubbished arguments from a competitor and the ACCC that its merger with Suncorp’s banking arm will reduce competition and hurt consumers, saying the watchdog had been asked to believe a “distorted and selective view” of the proposal.