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iSignthis drops $464M lawsuit against ASX
Financial Services 2022-11-03 11:56 pm By Cat Fredenburgh

Fintech iSignthis has dropped a $464 million lawsuit brought against the Australian Stock Exchange three years ago over allegedly misleading conduct in relation to the suspension of the company’s shares.

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High Court won’t hear appeal in spat with law firm over $24.5M Melbourne development
Legal Ethics 2022-10-20 10:53 pm By Cat Fredenburgh

The High Court has declined special leave to a former Rigby Cooke client who unsuccessfully challenged the law firm’s win in a dispute over a $24.5 million East Melbourne development.

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Austal hit with $700,000 penalty over $3.5B US Navy program disclosures
ASIC 2022-10-14 11:21 pm By Cat Fredenburgh

Defence shipbuilder Austal and its CEO have agreed to pay a combined $700,000 in penalties for violating the Corporations Act by failing to notify the market of a US$90 million writeback related to the company’s $3.5 billion US Navy warship program.

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High Court ends BHP’s campaign to exclude foreign investors from class action
Class Actions 2022-10-12 11:58 am By Christine Caulfield

BHP Group has lost its High Court battle to keep foreign investors from an Australian shareholder class action over the devastating collapse of a Brazilian dam.

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CIMIC knocks ballooning pleadings in shareholder class action
Class Actions 2022-09-30 2:08 pm By Sam Matthews

Construction firm CIMIC has foreshadowed a fight over “obscure” new pleadings in a two year-old shareholder class action alleging the company failed to keep the market informed about issues with its Middle East operations.

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‘No brainer’ that Arrium was failing when directors drew down funds, court told
Restructuring & Insolvency 2022-08-02 11:09 pm By Cindy Cameronne

Several lenders have appealed a ruling that found they failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse, saying it was a “no brainer” that the company was in dire straits when its directors sought extra funds.

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Law firm fends off appeal in spat with ex-client over $24.5M development
Professional Negligence 2022-06-27 11:21 pm By Christine Caulfield

Rigby Cooke has prevailed in an appeal by a former client that challenged a ruling for the law firm over a $24.5 million East Melbourne development.

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No penalty for IOOF unit RI Advice in ASIC’s novel cybersecurity case
Privacy & Cybersecurity 2022-05-05 12:24 pm By Christine Caulfield

IOOF financial advice unit RI Advice has escaped a penalty in a test case alleging cybersecurity failures, but the firm must engage an IT security company and pay the corporate regulator’s legal costs.

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ASX wants $3M security for costs from iSignthis after Cyprus move
Financial Services 2022-05-05 4:56 pm By Sam Matthews

The Australian Stock Exchange is seeking $3.25 million in security for costs as it defends a $464 million lawsuit brought by fintech firm iSignthis, a move spurred on by the 2021 demerger of iSignthis and ISX Financial EU.

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IOOF unit settles ASIC’s cybersecurity test case
Privacy & Cybersecurity 2022-04-20 12:48 pm By Sam Matthews

IOOF unit RI Advice has agreed to settle novel proceedings brought by the Australian Securities and Investments Commission claiming it failed to protect its clients against cybersecurity risks.

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