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‘The book was covered’: ANZ fights ‘entirely novel’ ASIC case over $2.5B share placement
Trials 2023-04-26 11:18 pm By Sam Matthews

ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.

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ANZ exec ‘deeply concerned’ about $2.5B share placement shortfall, court hears
Trials 2023-04-24 10:03 pm By Sam Matthews

A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.

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Court orders winding up of investment firm Ascent amid Ponzi scheme claims
Restructuring & Insolvency 2023-04-24 2:54 pm By Sam Matthews

A court has wound up Ascent Investment and Coaching, after ASIC filed proceedings against the company and director Michael Dunjey over concerns that investor funds may have been improperly dealt with.

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‘They’re not going to get anything until 2030’: Irate judge slams delays in live export ban case
Agriculture 2023-04-21 3:38 pm By Sam Matthews

A judge has railed against continuing delays in a class action against the Federal Government over its total ban on live cattle exports to Indonesia in 2011, as group members continue to go unpaid almost three years after a ruling awarding $2.9 million to the lead applicant.

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Scenic Tours can’t dodge $10M damages ruling in cruise class action
Competition & Consumer Protection 2023-04-20 10:45 pm By Sam Matthews

Cruise operator Scenic Tours is stuck with a $10 million damages bill but has avoided paying for disappointed traveller’s flights, after an appeals court mostly rejected its appeal of an award to travellers who were promised a “once in a lifetime cruise along the grand waterways of Europe” but were instead forced to take the bus.

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‘It’s game over’: Victoria tries again to stay hotel quarantine class action amid criminal case
Appeals 2023-04-20 3:51 pm By Sam Matthews

The state of Victoria is trying again to stay a class action over the 2020 hotel quarantine debacle in light of a pending criminal action against the Department of Health, telling an appeals court the fundamental principles of the criminal justice system must be protected.

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‘Potentially difficult’: Lawyers weigh in on novel insolvency ruling
Restructuring & Insolvency 2023-04-19 1:29 pm By Sam Matthews

Senior restructuring and insolvency lawyers have welcomed a novel ruling that found a liquidator was entitled to claim his costs ahead of the preferred claims of company employees, but questions remain about the “potentially difficult” interaction between two conflicting priority regimes.

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Hino hit with second class action over emissions cheating
Class Actions 2023-04-19 10:09 pm By Sam Matthews

Toyota unit Hino has been hit with a second class action alleging it misrepresented the fuel efficiency and emissions performance of certain diesel vehicles for nearly twenty years.

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Judge won’t stay reference in ‘monumental’ Santos, Fluor litigation
Energy & Natural Resources 2023-04-19 10:48 pm By Sam Matthews

A judge won’t stay a reference process which US company Fluor claims is infected with bias, in a “monumental” dispute with energy giant Santos that has already generated a $57.5 million legal bill for the engineering firm.

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GCOs drive funding commissions down
Analysis 2023-04-18 11:07 pm By Sam Matthews

According to a new report that details the highs and lows of litigation funder cuts in class action settlements, funders’ returns have dropped considerably since contingency fees were introduced in Victoria.

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