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RAMS hit with class action by disgruntled franchisees
Class Actions 2024-05-27 2:20 pm By Sam Matthews

Westpac subsidiary RAMs has been hit with a class action by former franchisees who say their agreements with the home loan provider were terminated without proper cause.

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Optus loses second bid to shield Deloitte report from class action
Class Actions 2024-05-27 11:23 am By Sam Matthews

Optus has lost its appeal of a decision that found the telco could not claim legal professional privilege over a Deloitte report into a major data breach, with an appeals court highlighting the lack of evidence from former CEO Kelly Bayer Rosmarin.

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Aristocrat can’t get docs yet for possible trade secrets suit
Appeals 2024-05-27 3:46 pm By Sam Matthews

A judge has rejected Aristocrat’s bid for orders requiring competitor Light & Wonder to hand over documents to be placed “in an envelope” for speedy production should its appeal of a decision ordering that it produce the documents to Aristocrat for possible trade secrets suit fail.

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Payday lenders’ short-term loans not BNPL arrangements, judge says in ASIC win
Financial Services 2024-05-24 3:58 pm By Sam Matthews

The Australian Securities and Investments Commission has prevailed in its case against payday lenders Cigno and BSF Solutions alleging they provided credit without a licence, with a judge rejecting their argument that their loan model was analogous to buy now, pay later arrangements that don’t require a credit licence.

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SMSF auditors stung by class action say Melissa Caddick’s clients have themselves to blame
Superannuation 2024-05-24 11:44 pm By Sam Matthews

The auditors of self-managed superannuation funds that clients of Melissa Caddick invested with the Sydney fraudster and her company Maliver have hit back at class action claims, saying the clients have themselves to blame for handing over “direct control” of their funds.

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ANZ says bailout by underwriters of $2.5B share placement not relevant to ASX
Securities 2024-05-23 11:41 pm By Sam Matthews

Challenging a ruling that it breached its continuous disclosure obligations, ANZ has argued on appeal that it did not need to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement because the information didn’t go to the fundamental value of its shares.

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Mark Latham’s homophobic tweet sparked ‘graphic’ abuse, death threats, Sydney MP says
Trials 2024-05-22 2:47 pm By Sam Matthews

A homophobic tweet by former NSW One Nation leader Mark Latham unleashed an “utterly hateful torrent of abuse and vitriol”, including death threats against Independent Sydney MP Alex Greenwich, which left him fearing for his safety, a court has heard. 

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Baker McKenzie dragged into lawsuit over Armour takeover
Corporate 2024-05-21 2:51 pm By Sam Matthews

Baker McKenzie has been dragged into a court case brought by a shareholder and creditor of failed energy company Armour Group, which alleges the law firm was knowingly involved in a plan by China-based Shunkang Group to take control of the company for cheap.

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Vic Supreme Court can’t prefer own state’s policy in class action transfer bid, High Court told
Class Actions 2024-05-21 11:08 pm By Sam Matthews

Supporting KPMG’s bid to move a class action over the collapse of Arrium from Melboure to Sydney, former directors of the failed steel company have told the High Court the Victoria Supreme Court was impermissibly preferring the policy of its state in finding a contingency fee order made in the case could be factored into a transfer application.

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Medibank CEO takes stand to shield Deloitte reports from class action
Privacy & Cybersecurity 2024-05-20 11:38 pm By Sam Matthews

Medibank CEO David Koczkar has taken the stand to help defeat a class action’s bid to uncover several reports, including three by Deloitte, commissioned in the wake of a massive data breach, which the health insurer argues are privileged.

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