ASIC
Court finds Rex breached continuous disclosure rules, tosses case against directors
ASIC has won its case alleging Regional Express failed to correct an optimistic forecast before it entered administration last year, but failed to prove the company's optimism conveyed a "likelihood" or that three non-executive directors had actual knowledge of the collapsed budget airline's declining business.
Class Actions
Soft class closure ordered in Queensland COVID-19 vaccine case
A judge has ordered soft class closure in a class action by Queensland police officers and staff over the COVID-19 vaccine, forcing group members to register for the case ahead of settlement talks.
Competition & Consumer Protection
Amazon taken to court by ACCC over Prime Video contracts
The consumer regulator has brought proceedings against Amazon, alleging it relied on unfair contract terms in its Prime Video subscription contracts to introduce advertising to its streaming service.
ASIC
Agentic AI may force rethink of market regulation, ASIC says
In a new report, ASIC warns Australia risks losing ground to overseas competitors unless it provides more clarity on technologies like tokenised assets and AI, which the regulator said could shake up longstanding assumptions about intent and misconduct.
Business of Law
Corrs elevates two projects lawyers in latest round of partner promotions
Corrs Chambers Westgarth has followed other firms in bolstering its projects offering with its latest partner promotions, with two of the firm's four new partners boasting expertise on complex energy and infrastructure projects.
Financial Services
Humm Group avoids court action after ASIC investigations
The corporate cop will not take enforcement action against consumer lender Humm Group or its subsidiaries, following investigations into the companies' reporting processes and contract terms.
Privacy & Cybersecurity
Alleged hack of PM’s financial details ‘incredibly concerning’, Treasurer says
Two Sydney men, including a former EY graduate have been charged after they allegedly accessed the personal banking details of Prime Minister Anthony Albanese, with the Treasurer calling the accusations "incredibly concerning".
ASIC
ASIC’s case against Wiluna Mining to await outcome of execs’ trial
A judge has found that ASIC's case against WA gold mining company Wiluna over alleged omissions in a 2022 ASX announcement should await the determination of related cases against two executives, citing the risk of inconsistent findings.
Employment
Amazon ordered to reinstate worker who made ‘smart-arse’ comments
Online retail giant Amazon has been ordered to reinstate an employee after the Fair Work Commission found remarks he made leading to his dismissal were “smart-arse” but did not constitute harassment or discrimination.
Competition & Consumer Protection
ACCC to take closer look at Trescal’s proposed acquisition of TechRentals
The ACCC has opened a phase 2 review of calibration and asset management services provider Trescal's proposed acquisition of TechRentals Calibration & Sales after identifying potential risks to competition.
