Amy Campbell

The Australian operator of crypto exchange Kraken has been ordered to pay $8 million for failing to comply with design and distribution obligations.

In the second test of the new design and distribution obligations under the Corporations Act, ASIC is seeking a $20 million penalty against the provider of the Kraken crypto exchange.

Over objections from the ACCC, a judge has struck out the regulator’s entire case against Meta over scam cryptocurrency ads on Facebook after it clarified that each allegedly misleading ad should be a separate contravention.

The corporate regulator has won its case against Bit Trade, the Australian provider of the Kraken crypto exchange, after a judge rejected the company’s argument that its product was not a credit facility. 

The liquidator of failed global financial services firm Babcock & Brown is seeking to permanently stay a shareholder suit it says is an abuse of process, nearly five years after three other cases against the liquidator were thrown out.

The consumer regulator must identify the advertisements it relies on to prove its case against Meta over scam cryptocurrency ads on Facebook, with a judge saying the social media giant should know the case it has to meet.

The Australian provider of the Kraken crypto exchange has told a court that its margin trading product is not a credit facility, rejecting the corporate regulator’s “overly broad” definition of the word ‘credit’. 

Uber has hit back at claims that it engaged in corporate espionage by using a software program called SurfCam to lure drivers away from rival GoCatch, saying its actions could not be compared to burglary because the material it obtained was not confidential.

Lawyers at Herbert Smith Freehills panicked as their client Uber obfuscated a regulator’s investigation during an alleged unlawful conspiracy to launch illegal rideshare operations, a trial has heard. 

A judge has given the green light to a $11 million settlement in a class action against retirement village provider Aveo, but reserved his decision about whether a contested amount of over $1 million should go to group members or the law firm that brought the case.