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.
Financial Services
MWL adviser banned for 7 years for recommending Keystone fund
A MWL financial adviser has been banned for seven years for advising clients to invest most of their super into Keystone's Shield Master Fund, which is suspected of misusing $480 million in investor funds.
Class Actions
Judge won’t put Bupa class action on ice pending possible appeal
A judge hearing a class action alleging Bupa failed to provide promised levels of care to residents has said she won’t put the case on ice pending the aged care provider's potential appeal of a decision declining to toss the case.
ASIC
ASIC questions rent-to-own company’s challenge to $7.4M penalty
ASIC has questions about the “bona fides” of a rental company’s appeal of a $7.4 million penalty for unlawful loan agreements, telling a court it needs to see evidence about the “very rapid decline” of the company’s financial position.
Cryptocurrency
Blockchain mining firm NGS wound up for ‘blatant’ contraventions
A court has ordered the winding up of blockchain mining firm NGS Group and related companies, finding they operated in "blatant" violation of the Corporations Act.
Holiday Schedule
Lawyerly holiday publishing schedule
Lawyerly will be closed from 24 December until 8 January.
Financial Services
ANZ cops $250M penalty, judge tacks on $10M for ‘inexcusable’ bond conduct
A judge has ordered ANZ to pay $250 million in penalties in four cases by ASIC – $10 million more than the bank had agreed to pay – saying ANZ had "substantially deceived” the government by overstating bond trading volumes.
Financial Services
Macquarie agrees to pay $35M penalty in ASIC’s first short-sale reporting case
Macquarie Securities has agreed to pay a $35 million penalty in a civil suit brought by the Australian Securities and Investments Commission alleging systemic misreporting of short sales over a 14-year period.
