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Group members to get more than half of $37.75M Estia class action settlement
Class Actions 2021-03-02 3:48 pm By Cat Fredenburgh

More than half of the $37.75 million settlement reached in a shareholder class action against aged care provider Estia Health will be left for distribution to group members if the settlement is approved at an upcoming hearing.

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Financial adviser drops defence in ASIC’s bad advice case against IOOF unit
Financial Services 2021-03-02 3:00 pm By Christine Caulfield

A former financial planner of IOOF unit RI Advice, who has been accused by ASIC of pocketing hefty commissions from clients steered to risky investments, has abandoned his defence on the second day of trial.

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Judge says separate questions are ‘fraught’ but allows hearing in Pizzeys client poaching dispute
Intellectual Property 2021-03-02 12:09 pm By Spencer Fowler Steen

A judge has allowed a hearing on separate questions concerning the validity of a non-compete agreement in a lawsuit brought against two patent lawyers who jumped ship by boutique IP firm Pizzeys Patent and Trade Mark Attorneys, despite expressing concerns that “separate questions are fraught”.

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Fair trial may not be possible for adviser targeted by ASIC in IOOF unit case, court told
Financial Services 2021-03-01 9:57 pm By Christine Caulfield

A financial adviser at the centre of ASIC’s bad advice case against an IOOF unit might mount an argument that a fair trial is not possible because of his “fulsome” answers to investigators during a compulsory examination.

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Partner in age discrimination suit says Deloitte acting like he’s out the door
Employment 2021-03-01 6:28 pm By Miklos Bolza

A partner who hit Deloitte with a $3.8 million age discrimination lawsuit says the accounting giant has been treating him as an “inactive partner” who is on the verge of retiring, including by failing to conduct a performance assessment for the 2021 financial year.

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Former QC, now judge liable to client in negligent advice case, court rules
Professional Negligence 2021-03-01 6:11 pm By Cindy Cameronne

A former QC turned Victorian Supreme Court judge has been found liable, along with a law firm acquired by Russell Kennedy, to pay $1.185 million to a former client for providing negligent advice on a land purchase contract.

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In ‘warfare’ with Sino Iron, judge tosses Clive Palmer’s fight over $530M in mine remediation costs
Energy & Natural Resources 2021-03-01 4:38 pm By Spencer Fowler Steen

Clive Palmer’s Mineralogy has lost its bid to make Sino Iron and Korean Steel cough up over $529 million for mine site remediation in Western Australia, after the mining company argued the terms of their contracts required an immediate lump sum payment.

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Arrium ‘bled cash’ from banks prior to $2.8B collapse, court told
Restructuring & Insolvency 2021-03-01 3:04 pm By Miklos Bolza

Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.

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EY strikes back in Pitcher Partners class action over Slater & Gordon audit
Accounting 2021-03-01 2:04 pm By Spencer Fowler Steen

Professionsal services giant EY has added to the many cross-claims flying in the shareholder class action against Pitcher Partners over advice to law firm Slater & Gordon, and has alleged the accounting firm engaged in misleading or deceptive conduct and negligence and that it breached its retainer.

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ACCC’s cartel case against crane company incoherent, court told
Competition & Consumer Protection 2021-03-01 1:31 pm By Spencer Fowler Steen

The ACCC’s cartel case against family-owned crane company NQCranes suffers from ‘incoherence’, the company’s counsel told the Federal Court on Monday ahead of an application to strike out a large portion of the regulator’s case.

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