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Court finds trader was defamed by ASIC but throws out $10M lawsuit
Defamation 2021-06-30 5:38 pm By Miklos Bolza

Canadian trader Daniel Schlaepfer has suffered a loss in his $10 million defamation case against ASIC, with an appeals court tossing the lawsuit despite finding the regulator defamed him and his firm by accusing them of unlawful market manipulation.

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Mayfair 101’s James Mawhinney says he should not face penalty in ASIC case
Financial Services 2021-06-30 1:15 pm By Cindy Cameronne

The founder of embattled investment group Mayfair 101, James Mawhinney, will argue that he should not be ordered to pay any penalty after the company was found to have misled investors about its financial products.

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Payday lender Cigno loses bid to overturn ASIC’s short-term credit lending ban
Appeals 2021-06-29 10:35 pm By Cindy Cameronne

Payday lender Cigno has lost its appeal of a ruling which upheld ASIC’s first product intervention order banning the use of short-term lending models with “excessive” fees.

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S&P class action applicant resists paying security for ratings agency’s costs
Class Actions 2021-06-29 5:13 pm By Christine Caulfield

A fight is looming over a bid by S&P Global for a class action applicant to pay security for the legal costs of defending the litigation, with the applicant arguing it shouldn’t have to fork over anything.

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State Street appeals loss to Maurice Blackburn in Fearless Girl dispute
Appeals 2021-06-28 11:59 am By Cat Fredenburgh

US financial services giant State Street has appealed its loss in a lawsuit brought against Maurice Blackburn over the law firm’s use of a replica of the famous Fearless Girl statue.

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Deloitte settles partner’s age discrimination lawsuit
Employment 2021-06-24 5:13 pm By Cat Fredenburgh

Deloitte has agreed to settle a $3.8 million lawsuit brought by a partner that challenged the accounting firm’s mandatory retirement policy.

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Judge tosses ASIC’s case against payday lenders Cigno, BHF
Financial Services 2021-06-23 9:47 pm By Cindy Cameronne

A court has dismissed ASIC’s enforcement action against payday lenders Cigno and BHF Solutions, finding the companies did not need a licence to issue loans to hundreds of thousands of consumers.

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Lawyer to seek ‘no adverse costs’ order in cartel class action against Facebook, Google
Competition & Consumer Protection 2021-06-18 3:05 pm By Miklos Bolza

The self-represented lawyer behind a $1 billion class action against Facebook and Google over a cryptocurrency ad ban has said he will bring the first “no adverse costs” application to be heard by the Federal Court under the Competition and Consumer Act.

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ASIC’s proposed $40M fee disclosure penalty ‘manifestly excessive’, NAB tells court
Financial Services 2021-06-18 10:08 pm By Christine Caulfield

National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.

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Super funds want price info protected in Westpac insider trading case
Financial Services 2021-06-16 2:24 pm By Christine Caulfield

Industry super funds AustralianSuper and IFM Investors – the consortium behind the interest rate swap at the centre of the corporate watchdog’s insider trading case against Westpac — have asked a judge to shield commercially sensitive information from the public as the high-profile action unfolds.

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