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‘Don’t panic’: JPMorgan boss tried to allay bank exec’s fears over shortfall, court told
ACCC 2021-12-02 9:52 pm By Cindy Cameronne Sydney
JPMorgan Australia chairman Rob Priestley told Citigroup and Deutsche Bank executives not to “panic” about picking up a shortfall in the sale of ANZ shares, a court has heard in the ACCC’s criminal cartel case over a $2.5 billion ANZ share placement.
Coles taken to court by FWO over $115M in staff underpayments
Class Actions 2021-12-02 2:27 pm By Bianca Hrovat Sydney
The Fair Work Ombudsman has taken supermarket giant Coles to court for allegedly underpaying more than 7,800 staff members $115 million over three years.
ACCC clears JBS Australia’s proposed $175M acquisition of Rivalea
ACCC 2021-12-02 7:20 pm By Bianca Hrovat Sydney
The Australian Competition and Consumer Commission has given the green light to pork processor JBS Australia to proceed with its proposed $175 million acquisition of a Singapore-owned pig farm and abattoir business, despite competition concerns raised by pig farmers.
ACCC pressured ASIC to drop investigation into JPMorgan, court hears
ACCC 2021-12-01 8:57 pm By Cindy Cameronne Sydney
A senior ACCC officer tried to dissuade ASIC from investigating alleged insider trading by JPMorgan because of fears it would “upset” the competition regulator’s criminal cartel case over a $2.5 billion ANZ share placement, a court has heard.
CFMMEU cops $554,600 penalty for coercive worksite protests
Construction 2021-12-01 9:46 pm By Bianca Hrovat Sydney
The CFMMEU and two of its officers have been hit with a $554,600 penalty for allegedly using the union's “covert industrial muscle” to pressure a New South Wales crane company to bend to its bargaining demands.
ACCC updated policies on witnesses after ‘flawed’ bank cartel probe, court hears
ACCC 2021-11-30 10:36 pm By Miklos Bolza Sydney
A senior ACCC officer was probed Tuesday on whether the competition regulator updated its guidelines for taking witness statements in July in response to criticism of investigators' methods in the cartel probe over ANZ's $2.5 billion share placement.
Westpac faces $100M penalty in six ASIC cases over ‘widespread failures’
ASIC 2021-11-30 9:10 am By Christine Caulfield Melbourne
Banking giant Westpac has admitted to allegations in six new cases by the Australian Securities and Investments Commission alleging widespread compliance failures across multiple businesses, and will agree to pay a combined $100 million penalty.
Judge orders Employsure to pay $1M after ‘gagging’ at ACCC’s proposed sum
ACCC 2021-11-30 5:43 pm By Bianca Hrovat Sydney
Specialist workplace relations consultancy Employsure has been ordered to pay a $1 million penalty over a series of misleading Google advertisements, a figure significantly lower than the $5 million sought by the Australian Competition and Consumer Commission.
Courtenay House former director duped hundreds in $196M Ponzi scheme, ASIC says
ASIC 2021-11-30 6:18 pm By Bianca Hrovat Sydney
The former director of investment management fund Courtenay House is facing a slew of criminal charges after an investigation by the Australian Securities and Investments Commission allegedly revealed he duped 590 investors in a $196 million Ponzi scheme.
Law firm preparing class actions against Apple, Google
ACCC 2021-11-29 9:09 pm By Cat Fredenburgh Melbourne
Apple and Google's legal woes in Australia are set to worsen, with a leading class action firm preparing to file class actions against the Silicon Valley giants for alleged competition and consumer law violations.