Investment group Mayfair 101 has denied claims by ASIC that it has engaged in misleading or deceptive advertising of its Platinum products, saying in a response to the regulator’s case the products were aimed at sophisticated investors who were told of the risks.
A judge has been accused of “very aggressively” raising issues with a barrister for the Federal Government over its failure to amend its defence in a $300 million class action centred on the Commonwealth’s controversial Robodebt scheme to match recent public admissions.
Judges should be given the power to make class closure orders again, defence law firms have told the latest class action inquiry, which comes on the heels of a landmark appeals court ruling that there is no statutory authority to keep unregistered class members out of a group proceeding.
Tens of thousands of Ford cars which contain an allegedly defective transmission system are “lemons”, a court heard on day one of a six-week hearing in a long-running class action against the car maker.
Émails show the directors of logistics company GetSwift took a “deliberate approach” to inflating the company’s share price through a constant supply of positive ASX announcements about new multimillion-dollar contracts, ASIC said on the first day of a highly anticipated five-week trial.
The class action system is working well, and reform that limits access to the regime should be carefully considered, the latest government inquiry has been told by a chorus of experts, including lawyers, academics and Australia’s competition cop. Still, some defence firms say recent moves cracking down on class actions don’t go far enough.
Westpac is facing the possibility of more claims in proceedings brought by AUSTRAC over anti-money laundering breaches, with the regulator seeking information on 272 customers who may have been involved in the exploitation of children.
The former CEO of Beem It has discontinued her legal claims against the payments fintech co-owner, Commonwealth Bank of Australia, only days after naming the bank in her lawsuit alleging workplace breaches.
There may not be enough registered liquidators in Australia to respond to a possible wave of COVID-19 insolvencies, the Australian Securities and Investment Commission has warned.
A judge has sentenced a Melbourne-based lawyer to six years in prison for stealing and misusing over $1.7 million in client funds, saying his conduct had “brought the legal profession into disrepute”.