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.
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.
Class Actions
Cudeco class action judge ‘extremely concerned’ about evidence delays
A judge hearing a shareholder class action over the collapse of mining company Cudeco has expressed concerns about “significant delays” in the expert evidence from two directors, saying there was a pattern of non-compliance with court orders.
ASIC
Australian Unity hit with $7.1M 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
$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.
Construction
Tavern can’t assert restrictive covenant to block Coles’ Liquorland
A popular Port Macquarie tavern can't enforce a restrictive covenant which bars a neighbouring shopping centre from selling alcohol, with a court finding that development consent was validly given to Coles to build a Liquorland.
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.
