Christopher Caleo

A court has approved a $100 million penalty and another $20 million payment in compensation for Qantas customers after the airline admitted to selling tickets on cancelled flights.

ANZ has lost its appeal of a landmark decision finding it breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters during a $2.5 billion capital raising.

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.

Qantas will pay a $100 million penalty and another $20 million in compensation in a settlement of the ACCC’s so-called ghost flights case that includes an admission by the airline that it engaged in misleading and deceptive conduct in selling tickets for cancelled flights.

ANZ will appeal a ruling that it breached its continuous disclosure obligations when it failed to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement.

ANZ’s failure to disclose a bailout by banks underwriting a $2.5 billion share placement has resulted in a penalty of less than $1 million, ending an eight-year saga that included an aborted criminal trial.

Citibank has argued group members should be asked to sign on to a class action accusing five major banks of entering a cartel agreement to rig foreign exchange rates before evidence is filed in the case, saying it was impossible to know how much the claims were worth. 

A judge has found that ANZ breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters Deutsche Bank, Citigroup and JP Morgan during its $2.5 billion equity capital raising in August 2015.

Two class actions against Victorian aged care providers on behalf of families of residents who died due to alleged failures during the COVID-19 pandemic have appealed a ruling that rejected their bid for insurance and financial information to assist in mediation.

Two executives involved in ANZ’s $2.5 billion equity capital raising have stood by arguments that the book was covered when the bank’s underwriters took up $750 million of the shares, despite ASIC’s allegations of “receding demand” on the day of the placement.