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.
The Australian Competition and Consumer Commission has appointed an esteemed Herbert Smith Freehills competition partner who defeated some of the regulator’s most high-profile merger challenges to be a commissioner.
La Trobe Financial Asset Management will pay just $750,000 for misleading investors in its 48 hour and 90 day notice accounts over a period of more than three years, with a judge saying the company would have faced a penalty “well in excess” of this amount if not for reassuring correspondence from ASIC during its investigation.
A judge has dressed down ASIC over the handling of its action against GetSwift, criticising the regulator’s failure to seek a court injunction to prevent the company’s relocation to Canada.
The Australian Securities and Investments Commission has launched court proceedings against ANZ alleging the banking giant’s home loan ‘introducer’ referral program breached credit laws.
The parents of accused Sydney fraudster Melissa Caddick may need to bring court proceedings to retain their $2.6 million Edgecliff home and recoup $1.2 million they gave to their daughter for the mortgage.
The Australian Competition and Consumer Commission has given the green light to the National Australia Bank’s proposed $1.2 billion acquisition of Citigroup’s Australian consumer business, finding the deal is not likely to substantially lessen competition.
A court has delayed a hearing on a bid by the applicant in a class action against Dixon Advisory to freeze a $7.2 million penalty secured by the Australian Securities and Investments Commission against the self-managed superfund provider so the corporate regulator can consider its position on the request.
The Australian Securities and Investments Commission has imposed additional license conditions on the Australian Securities Exchange after operational issues created a “very serious” outage last year.
ASIC has won its bid to wind up accused Sydney fraudster Melissa Caddick’s company and appoint final receivers to realise her assets, paving the way for some repayment to the dozens of family and friends who invested with Caddick and are still owed $23.5 million.