A judge has hit caravan manufacturer Jayco with a $75,000 penalty in proceedings launched by the ACCC, finding the company made a false or misleading representation to a customer about their consumer guarantee rights.
ASIC has won a $20 million judgment against derivative trader Forex CT for using “unfair” sales tactics and misleading clients into making trades from which the company would benefit even when they had informed their adviser they had limited financial resources.
UK-based Woodsford Litigation Funding has become the first overseas funder authorised to finance Australian class actions under recent laws cracking down on the litigation funding industry.
A judge has imposed a $1.9 million penalty against Megasave Couriers after the delivery company was found to have misled franchisees with false promises of guaranteed minimum weekly payments and annual income.
A Herbert Smith Freehills lawyer and former Deutsche Bank general counsel who previously led ASIC’s litigation and enforcement team has been appointed to replace the corporate regulator’s outgoing chair James Shipton.
The Commonwealth Bank of Australia is resisting a novel proposal by ASIC to use its CommBank app to notify 6.3 million customers of a $7 million fine against it for overcharging interest, saying the move would pose a “significant risk” to the public.
The Australian Competition and Consumer Commission has called on Apple and Google to seize a “window of opportunity” to address the regulator’s concerns about their significant power in the app marketplace or face possible regulation.
The trustee of Mayfair Group’s collapsed IPO Wealth Fund has denied claims in a class action that it misled investors who lost $86 million when the fund was wound up, and says it is fully indemnified for the class action’s claims under an agreement with the fund.
An ASIC review has found that 17 per cent of clients of IOOF unit RI Advice may have been exposed to harm, one month after a judge found that one of its former advisors violated the law by steering investors towards risky investments.
Tabcorp-owned Tatts Group has launched legal proceedings against the Australian Taxation Office seeking to set aside an “excessive” decision barring over $393 million in tax deductions for 2013 when the company was master agent of SA Lotteries.