The Albanese government has introduced legislation that would roll back the requirement that litigation funders hold an AFSL and register their class actions as managed investment schemes, saying the Morrison government era-regulations were not fit for purpose.
Mercedes-Benz has been hit with $12.5 million in penalties for failing to use attention capturing, high impact language when communicating with customers about a compulsory recall of potentially deadly Takata airbags.
Latitude Finance has been hit with a $1.55 million penalty by the Australian Communications and Media Authority for breaching the Spam Act on more than 3 million occasions.
Crown Resorts could be on the hook for a record $100 million fine after Victoria’s gambling regulator brought new disciplinary proceedings accusing the casino of allowing gamblers to exchange bank or blank cheques for gambling chips.
Builder J Hutchinson and the CFMEU have been fined a combined $1.35 million for entered into an anti-competitive agreement to boycott an independent subcontractor at a construction site in Brisbane.
AUSTRAC has appointed an external auditor to Perth Mint, Australia’s official bullion mint, to assess its compliance with anti-money laundering and counter-terrorism financing laws.
The entity that employs the workforce of the On The Run convenience store chain has agreed to pay $5.8 million to settle a class action accusing it of underpaying over 8,000 workers over a six-year period.
Aussie group fitness chain Body Fit Training Company has been hit with a $3.2 million lawsuit for allegedly breaching an equipment supply agreement and diverting supplier Gym Imports’ rights as part of the $64.2 million sale of its business to US-based Xponential Fitness last year.
The state of Victoria can’t duck class action claims that failures in its hotel quarantine program caused businesses to suffer losses when stage three and four restrictions were put in place during the state’s second wave of COVID-19 cases in 2020.
Spirit Super and Palisade Investment Partners have withdrawn their $1.2 billion bid to acquire the Port of Geelong after the ACCC said the deal could substantially lessen competition in Victoria for the supply of bulk cargo port services.