Judgment

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.

Investment firm Keybridge must contribute to a director’s “substantial” legal bill from a dispute with another director, with a judge finding there was no “lack of clean hands” that would prevent him from being indemnified.

An appeals court has overturned a $16 million judgment against a law firm, finding it did not breach its duties when acting for a lender that provided financing to a client.

The Museum of Old and New Art has won its bid to exclude men from its ‘Ladies Lounge’ exhibit, which a judge found promoted equal opportunity by providing a “flipped universe”.

In a first, EnergyAustralia has been ordered to pay $14 million for breaching the Electricity Retail Code by misleading customers about prices.

Vanguard Investments has been ordered to pay a penalty of almost $13 million for misleading the public about its $1 billion “ethically conscious” hedge fund.

The director of collapsed investment firm Linchpin Capital has lost his challenge to a $150,000 penalty, with an appeals court dismissing his arguments as “carping criticism”.

Shareholders in lending platform Marketlend can bring a derivative suit against its directors for allegedly misusing company funds, including spending $1.3 million on barrister chambers fees. 

Four proceedings over COVID-19 business interruption losses will be stripped of class action status, with a judge saying most of the common issues were already determined in test cases.

Applicants in two dismissed class actions against the Commonwealth Bank have secured an order staying an assessment of costs in the failed cases until the outcome of an appeal.