Class Actions
Class action filings hit decade low but settlements stay high at $1.65B
Last year saw the lowest number of class action filings since 2016, but approved settlements reached the second-highest total ever, according to a recent law firm report.
Analysis
Firms cashing in on Victoria’s GCO regime will face higher costs, lawyers say
Class action firms reaping the benefits of contingency fees should brace for more high-dollar security for costs applications, on top of the reputational risks of having their finances aired in court, defence lawyers told Lawyerly.
Employment
Potentia co-founder, Mallesons partner take stand in row with ex-partner
Potentia Capital co-founder Tim Reed has told the Federal Court settlement negotiations with former partner Andrew Joyce were in "flux" and never finalised, in a case by Joyce seeking to enforce the terms of the agreement.
KPMG
Ex-ACCC chair says splitting up consulting firms ‘ridiculous’ idea
Ex-ACCC head Graeme Samuel has told a committee probing a KPMG whistleblower's claims that splitting audit services off from consulting firms is a "ridiculous" idea, instead recommending partnerships be regulated under the Corporations Act and "miscreant" auditors face "severe" penalties.
Financial Services
Interprac wins AFCA comms in case over Shield, First Guardian funds
Sequoia Financial subsidiary Interprac has won access to internal AFCA documents, as it pursues action against the financial complaints watchdog over determinations linked to the defunct Shield and First Guardian investment funds.
Employment
Fired Aldi worker hit with costs for using ‘plain wrong’ AI in FWC case
The Fair Work Commission has made the "very rare" decision to hit a former Aldi employee with costs after he relied heavily on artificial intelligence which undermined his own case.
Corporate
Potentia brings bid to buy founder’s $330M stake in Soprano Design
Private equity firm Potentia Capital has accused the founder of software company Soprano Design of shareholder oppression, claiming he prevented Soprano's former CEO from performing his role, leading to his resignation four months into the job.
Competition & Consumer Protection
Subaru favoured dealers over independent mechanics, ACCC says
New enforcement action by the competition regulator alleges Japanese car maker Subaru failed to give independent mechanics equal access to software needed to repair its vehicles.
Appeals
ACCC appeals loss in case over Magnamail prize promotions
The ACCC has appealed a judge's dismissal of its case against mail-order catalogue business Magnamail after finding representations that customers could win major prizes if they ordered from its catalogues were true.
