ASIC
Australian Unity hit with $7M penalty for failing to properly vet investors
A judge has ordered Australian Unity to pay a $7.1 million penalty in ASIC proceedings alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.
Class Actions
Cudeco class action judge ‘extremely concerned’ about evidence delays
Pointing to a pattern of non-compliance with his orders, a judge hearing a shareholder class action over the collapse of mining company Cudeco has expressed concerns about “significant" delays in the case.
Cryptocurrency
Binance agrees to $10M penalty in ASIC case, but judge wants more info
Binance has agreed to a $10 million penalty in ASIC’s case alleging the defunct crypto firm misclassified retail customers as eligible to invest in risky derivatives, but a judge wants more details before approving the deal.
Accounting
ASIC sues BDO, director over audit reports for Dubber
The corporate cop has sued BDO Audit and director Dean Just in the Federal Court over alleged false and misleading reports it made for ASX-listed software company Dubber.
Financial Services
APRA hits super trustee Diversa with additional licence conditions
Fresh off being sued by ASIC for investing $300 million into Falcon Capital’s failed First Guardian Master Fund, super trustee Diversa has been hit with additional licence conditions by the prudential regulator.
ASIC
Leaders of Telegram ‘pump and dump’ scheme sentenced
Four people who operated an illegal 'pump and dump' scheme through the Telegram app have been convicted and sentenced to terms of imprisonment via intensive correction orders.
Holiday Schedule
Lawyerly holiday publishing schedule
Lawyerly will be closed from 24 December until 8 January.
Class Actions
Court tosses class action’s appeal over public housing demolition
An appeals court has rejected a class action's challenge to a finding that Homes Victoria had a legitimate purpose in deciding to demolish and redevelop public housing towers in Melbourne, despite “lamentable” lack of consultation.
Class Actions
$583M Blue Sky class action can bring insider trading claims
A judge has allowed a shareholder class action over the collapse of asset manager Blue Sky to bring insider trading claims against several short sellers, as well as brokers Credit Suisse and Argonaut Securities.
Employment
BHP loses challenge to same job, same pay orders
BHP and its in-house labour hire subsidiary have lost their bid to challenge same job, same pay orders by the Fair Work Commission workers at mines in central Queensland.
