Cindy Cameronne

Four people have been charged with conspiracy to commit market rigging and false trading after an ASIC investigation into an alleged scheme organised on social media app Telegram to pump shares in Australian stocks and dump them at inflated prices. 

A judge has rejected an application by a director of mining tech company Globaltech to replace administrators from McGrathNicol after arguing there was an appearance of bias since their fellow partners used to be on the board of its biggest unsecured creditor, Boart Longyear.

McDonald’s has raised concerns about a “skewed” sample of employees for the initial trial in a class action alleging the fast food giant denied shift managers compensation for pre- and post-shift work.

The CFO of former market darling Big Un, who has been charged with insider trading, has been excused from filing a defence or taking other procedural steps in the collapsed company’s case against its ex-directors. 

A New Zealand appeals court has ruled that common fund orders can be made in class actions, even at the early stages, departing from the High Court of Australia in finding the commercial viability of a proceeding enhances access to justice. 

A judge has ordered credit card giant American Express to pay $8 million in ASIC’s first-ever case over design and distribution obligations, but has criticised the recently enacted provisions as being “poorly drafted”. 

Building materials manufacturer 3A Composites has lost a challenge to questions for a judge at an initial trial of a class action over combustible cladding, with a judge finding the issue of whether the company’s Alucobond panels were of acceptable quality was common to all group members. 

A shareholder class action against BHP has sought more time to finalise its pleadings ahead of trial, after a judge threw out two class actions against the Commonwealth Bank that also alleged continuous disclosure breaches.

Online auction site Grays has been ordered to pay $10 million in penalties after it admitted to making misleading statements in the descriptions of at least 750 cars listed for sale on its website. 

The builder of Sydney’s troubled Opal Tower has brought a claim for indemnity against insurer Liberty Mutual, which has already agreed to pay out $22.5 million, claiming it is owed a total of $12.5 million for its costs in defending a class action by residents.