Highly anticipated legislation creating a federal anti-corruption commission has received unanimous support and could pass by the end of the year, but a fight may be on the horizon over the commission’s power to conduct public hearings.
The Commonwealth Bank of Australia has argued that disclosing its money laundering failures before AUSTRAC brought proceedings would have misled the market, as the bank takes the rare move of defending a shareholder class action at trial.
While CBA’s defence to a shareholder class action argues the bank did not need to disclose money laundering failures because it doubted AUSTRAC would take legal action, communications show it was drafting a defence six months before proceedings started, a trial has heard.
Virgin Australia’s insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.
The Commonwealth Bank of Australia knew about a âcatastrophicâ code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
A class action on behalf of 3,500 business owners along Sydneyâs light rail route has told a court that group members bore the brunt of the projectâs delayed construction, described as âa train wreck which could be predicted from a mile awayâ.
The outgoing deputy chair for the Australian Competition and Consumer Commission says Australia âreally needsâ a new unfair practices law, echoing sentiments from the regulatorâs former boss.
Fonterra has agreed to shell out $25 million to settle a class action by dairy farmers alleging they were underpaid when Fonterra slashed milk prices and sought a âclawbackâ in 2016.
The applicants in a consumer class action against Allianz have been ordered to produce an insurance policy that covers them for the risk of losing the case, which the insurer says will inform its bid for security for costs.
The Australian Securities and Investments Commission is targeting predatory lending, greenwashing and crypto-assets as rising interest rates cause consumers to turn to fringe sources of credit.