Crown Resorts

A judge has ordered Crown Resorts to share the costs of soft class closure with the plaintiff in a shareholder class action accusing it of lax anti-money laundering compliance, saying that soft class closure ahead of mediation was in the interests of both parties. 

Crown Resorts is seeking $10 million in security for costs from the law firm running a shareholder class action accusing it of lax anti-money laundering compliance, arguing the sum is justified in light of the firm’s potential recovery under a tiered group costs order.

SkyCity may be the first company to test the strength of AUSTRAC’s claims in court, according to a judge who recently said in a separate case that the regulator’s habit of agreeing to penalties could give rise to a “moral hazard”.

A judge has approved a $450 million penalty put forward by Crown Resorts and AUSTRAC despite reservations about evidence going to the casino operator’s financial position.

The judge asked to approve a proposed $450 million penalty in AUSTRAC’s case against Crown Resorts has questioned whether the practice of regulators settling enforcement action ahead of trial gave rise to a “moral hazard” problem.

A proposed interest-free payment plan for a $450 million penalty agreed to between Crown Resorts and AUSTRAC has been questioned by a judge, who said it would have “the Commonwealth of Australia act as the Crown’s banker” for two years.

Casino operator Crown Resorts has agreed to backpay employees more than $1.2 million, after the company notified the Fair Work Ombudsman that it had underpaid workers at its Melbourne and Perth locations for almost six years. 

Crown Resorts has reached agreement on a proposed penalty in AUSTRAC’s case alleging “widespread and serious non-compliance” with anti-money laundering and counter terrorism financing laws, but the presiding judge says more information is needed for the court to fix a fine.

Crown Melbourne has dropped its appeal of a decision by IP Australia that rejected the casino’s application for a patent covering a modified roulette game.

Casino giant Crown has admitted to a “significant number” of anti-money laundering and counter terrorism breaches in a case brought by AUSTRAC.