ASIC and other government regulators bringing enforcement action in the docket of one Federal Court judge must abide by a strict new protocol to prevent a repeat of the corporate watchdog’s “wait and see” strategy in a case against ex-Murray Goulburn directors that came close, the judge said, to bringing the administration of justice into disrepute.
A judge has refused a bid by two former Murray Goulburn executives to throw out a disqualification case brought by the Australian Securities and Investments Commission, despite admonishing the corporate regulator for its delay in bringing the case and establishing a protocol for regulators filing cases in his docket.
National Australia Bank is setting aside a further $1.18 billion to compensate customers for dodgy adviser service fees, consumer credit insurance sales, and non-compliant advice.
The liquidator of a subsidiary of collapsed Ambient Advertising has launched legal proceedings against the company’s director after getting the all-clear from the Federal Court to enter into an agreement with a litigation funder that will take 45 per cent of the proceeds.
IOOF says it expects to challenge a $80.6 million judgment against subsidiary Australian Executor Trustees over the sale of a timber plantation by the collapsed Gunns Group that left its law firm, Sparke Helmore, off the hook despite a finding that the firm’s advice “fell short”.
A former Ernst & Young principal jailed for at least nine years for his role in a $135 million tax fraud has lost a challenge to two NSW Supreme Court orders barring access to $150 million worth of assets.
The National Tertiary Education Union has asked a court for permission to intervene in support of sacked physics professor and climate skeptic Peter Ridd as he fights James Cook University’s appeal of a $1.2 million judgment against it.
Imposing an injunction in general form against a patent infringer is not an undue burden in and of itself, the Full Federal Court has ruled in siding with printer giant Seiko Epson in its ongoing intellectual property fight with cartridge reseller Calidad.
Payday lender Cigno is appealing the Australian Securities and Investments Commission’s first action under new powers to ban financial products that targeted its model of short-term credit lending.
Proposals by Australia’s banks to revise its code of conduct in line with the recommendations of the banking royal commission don’t go far enough, the consumer watchdog said Friday.