Industries

A judge has rejected an application by a director of mining tech company Globaltech to replace administrators from McGrathNicol after arguing there was an appearance of bias since their fellow partners used to be on the board of its biggest unsecured creditor, Boart Longyear.

McDonald’s has raised concerns about a “skewed” sample of employees for the initial trial in a class action alleging the fast food giant denied shift managers compensation for pre- and post-shift work.

A unit of Insignia Financial, formerly IOOF, has paid $10.7 million in infringement notices for allegedly failing to put members’ default superannuation contributions into MySuper products.

A New Zealand appeals court has ruled that common fund orders can be made in class actions, even at the early stages, departing from the High Court of Australia in finding the commercial viability of a proceeding enhances access to justice. 

A judge has ordered credit card giant American Express to pay $8 million in ASIC’s first-ever case over design and distribution obligations, but has criticised the recently enacted provisions as being “poorly drafted”. 

The ACCC has secured $6 million in penalties against wealth education company DG Institute and its CEO Dominique Grubisa, as well as orders that the company refund $14.7 million in course fees to customers who enrolled in its ‘Master Wealth Control’ program.

Building materials manufacturer 3A Composites has lost a challenge to questions for a judge at an initial trial of a class action over combustible cladding, with a judge finding the issue of whether the company’s Alucobond panels were of acceptable quality was common to all group members. 

Pointing to Westpac’s progress in risk governance since it was targeted by AUSTRAC for systemic failures five years ago, the prudential watchdog has said it will halve a $1 billion capital requirement.

A judge has declined to order costs against basketball coach Shane Heal in his failed Fair Work case against the Sydney Flames, saying Heal’s claims were not “advanced without any factual or legal basis”.

A shareholder class action against BHP has sought more time to finalise its pleadings ahead of trial, after a judge threw out two class actions against the Commonwealth Bank that also alleged continuous disclosure breaches.