Securities
Class action firms circle Cochlear over $4B market cap dive
Hearing implant giant Cochlear faces a second shareholder class action following two forecast downgrades that wiped billions of dollars from the company's market value.
Class Actions
Class action targets NSW over $144M in unlawful merchant fees
The NSW government has been hit with a class action alleging it ignored legal advice that merchant fees charged to residents on transactions, which included drivers licence renewal payments and parks passes, were unlawful.
Class Actions
‘No altruistic case’: Judge says Blue Sky founder must pay class action security
A class action over the collapse of asset manager Blue Sky has been ordered to pay $630,000 in security for the costs incurred by the respondents in defending against the claims of insider trading.
Class Actions
Judge OKs University of Newcastle’s $7.55M class action settlement
A judge has given the green light to a $7.55 million settlement in a class action against the University of Newcastle over unaccredited engineering degrees.
Policy and Regulation
APRA to toughen trustee rules after $1B Shield, First Guardian failure
The Australian Prudential Regulation Authority has released a series of proposals to strengthen superannuation investment governance in the wake of the $1 billion collapse of investment funds Shield and First Guardian.
AI
ASIC to scrutinise AI use by banks
The corporate regulator said Wednesday it would review the banking sector’s use of artificial intelligence to ensure customer protections have not been lost in the rush to adopt AI tools.
Energy & Natural Resources
Mayfair faces shareholder oppression case, must hand over docs
Private resources company Mayfair Australia Corporation faces oppression litigation alleging two shareholders were removed from the company share registry without their consent.
Securities
ASIC wins bid to block Ryzon’s capital reduction amid enforcement action
A court has slapped an injunction on Ryzon Materials to restrain it from a proposed capital reduction, citing concerns it could allow the company to avoid a potential penalty in a case by the corporate regulator.
Privacy & Cybersecurity
Hall & Wilcox lures HWL Ebsworth cyber expert
A cyber and technology pro has joined Hall & Wilcox's partnership, in a move to boost the firm's cyber capability.
Class Actions
Hotel quarantine class action firm says record $37.5M GCO no ‘windfall’
A law firm has urged a judge to sign off on a record $37.5 million group costs order in a class action over Victoria’s hotel quarantine debacle that settled for $125 million, saying it spent more than expected in running the case.
