Insurance
Credit Suisse does ‘complete U-turn’ in $3B Greensill case, court told
Credit Suisse has dropped its claim for indemnity against insurance agent BCC under a trade credit policy issued prior to Greensill Capital’s collapse in 2021, with a judge hearing the admission marks a "complete u-turn in the case".
Appeals
Brambles takes shareholder class action loss to Full Court
Logistics company Brambles has followed through on plans to challenge its landmark loss in a shareholder class action, setting the stage for further appellate court guidance in securities cases, which once routinely settled.
ASIC
ASX says $20.5M fine ‘ample’ for misleading CHESS statements
ASX Limited has told a judge it did not intend to mislead shareholders when it told the market that its CHESS replacement project was “progressing well” and that a $20.5 million penalty was sufficient to achieve deterrence.
Class Actions
WestConnex class action funder’s substitution bid delayed again
An application by the funder of a class action over the compulsory acquisition of land for Sydney's WestConnex project to replace the plaintiffs has been ajourned a third time by an increasingly frustrated judge.
Competition & Consumer Protection
Domain sues REA over alleged misleading ‘9 in 10 buyers’ claim
Domain has sued News Corp-owned rival REA Group over alleged misleading claims that it attracts the buyer for nine in 10 sold homes listed on the platform.
Trials
Ex-Keybridge CEO questioned about $4.75M bonus at trial
Former Keybridge CEO Nicholas Bolton has faced questions about a $4.75 million bonus he was paid on a $17.8 million deal with fund manager Magellan, on the second day of trial in proceedings by WAM over two transactions its alleges were oppressive to shareholders.
KPMG
Treasury recommends splitting off audit function in Big Four firms
A Treasury report has suggested splitting audit functions off from multidisciplinary professional services firms, following whistleblower claims that KPMG leaked confidential client information.
Competition & Consumer Protection
ACCC opposes Coles acquisition of WA supermarket site
The competition regulator has opposed Coles Group's proposed acquisition of a leasehold interest in a Kalgoorlie supermarket and liquor store site, finding it would substantially lessen competition in the retail supply of groceries in the region.
Class Actions
Judge pushes trial date in Sydney sinking homes class action
A judge has pushed off an eight-week trial in a class action on behalf of Sydney homeowners who allege their homes are sinking into the ground, after filing deadlines were not complied with.
Expert Insights
Victoria ushers in law restricting NDAs in workplace harassment
A Victorian law that came into effect this month will fundamentally change how NDAs relating to workplace sexual harassment can be used in the state, says Kingston Reid's Katie Sweatman and Aneisha Bishop.
