Financial Services
ASIC running criminal investigation over Keystone’s Shield, court told
ASIC has raised the prospect of criminal charges linked to the Shield Master Fund, after bringing civil penalty proceedings alleging up to $530 million in retirement savings was used for unauthorised purposes.
Employment
CQUniversity to pay staff over $1.3M in FWO deal
Central Queensland University will pay over $1.3 million to more than 1,000 employees as part of an enforceable undertaking with the Fair Work Ombudsman, becoming the latest university to backpay staff.
KPMG
KPMG says new CEO John Sams to build ‘more accountable’ firm
KPMG has appointed John Sams as its new CEO, promising the homegrown executive will deliver on an action plan drafted in the wake of the leaks scandal to build a “stronger, more accountable firm”.
M&A
Coles says ACCC’s rejection of Kalgoorlie site buy based on novel theory
Coles has argued that the competition regulator’s decision rejecting the supermarket giant's bid to lease a new site in Kalgoorlie, WA was based on a theory of harm that is novel under Australian law.
New lawsuit
Macquarie hit with class action, as firms circle over Shield, First Guardian
Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.
Class Actions
Court OKs discontinuance of Fairbridge school abuse class action
A court has approved an application to drop a class action on behalf of former students at Fairbridge Farm School in NSW over alleged abuse, after the law firm running the case said it was "uneconomic".
New lawsuit
Coles takes ACCC to Federal Court over supermarket acquisition
Coles has fired off Federal Court proceedings over the ACCC's decision to block its proposed acquisition of a leasehold interest in a supermarket and liquor store site in Kalgoorlie, one day after bringing proceedings at the Australian Competition Tribunal.
Securities
CMC Markets accepts cut to unprecedented class action security bid
A class action against CMC Markets has agreed to provide an additional $6.5 million in security, with the parties avoiding a contested hearing over the online trader's bid for $8.6 million.
Class Actions
Entain class action firm wins GCO, but not at higher rate than Sportsbet
A judge has made a group costs order that will give Maurice Blackburn one third of any recoveries in a class action against Entain, rejecting the firm's bid for a higher contingency fee rate than earmarked in its parallel Sportsbet class action.
Class Actions
Oaks Hotels hit with class action over COVID-era rent reductions
The owner of the Oaks Hotels & Resorts is facing a class action by landlords who allege the hotel operator misrepresented that it was entitled to reduced rent payments during the COVID-19 pandemic.
