Engineering services company CIMIC has agreed to settle a long-running shareholder class action launched in the wake of media reports of an alleged $42 million bribe paid by the firm to win a lucrative oil contract.
The banks and executives facing criminal charges over alleged cartel conduct related to ANZ’s $2.5 billion share placement in 2015 will fight to widen their cross-examination of key ACCC witnesses after new information was brought to light in late submissions by the regulator.
A key witness from JPMorgan previously contested claims by the ACCC that a key component of an alleged cartel arrangement between four major banks around a $2.5 billion institutional share placement by ANZ was actually an ‘agreement,’ as opposed to a series of independent decisions, a court has heard.
Garmin has reached a settlement in a competition case brought by its former exclusive Australian distributor alleging the GPS technology giant misused its market power after the supplier refused to give up its five best customers.
Bail conditions have been set for a former BlueScope Steel executive charged with obstructing an Australian Competition and Consumer Commission criminal cartel probe into the steel company, the first criminal charges ever brought against an individual in relation to an ACCC investigation.
The competition regulator has been probing alleged cartel conduct by steel giant Bluescope for a number of years, counsel for the company told a court Friday as it sought transcripts of the watchdog’s compulsory interviews of witnesses and asked for five months to put on a defence.
Prosecutors will not lay charges against BlueScope Steel over an alleged price-fixing conspiracy, but its former general manager of sales faces possible jail time after being charged with obstructing the ACCC’s investigation.
A judge has ordered engineering services firm CIMIC Group to pay the costs of a 2017 attempt to stay a competing class action against it, saying the bid was one the company “could never have successfully prosecuted”.
Prosecutors are weighing criminal charges over alleged cartel conduct the subject of a price-fixing case by the ACCC against BlueScope Steel and former general manager of sales Jason Ellis, a judge has revealed in rejecting a bid by the competition watchdog to suppress details of its case.
Engineering services firm CIMIC Group has attacked the pleadings in a shareholder class action against it, saying needlessly convoluted paragraphs containing a “numerically vast number of contingencies” should be struck out.