A judge has permanently banned the director of financial services firm Gallop International from the industry and proposed a record $3 million fine after the corporate watchdog brought enforcement action alleging $40 million of investors’ money disappeared from Gallop’s bank account.
The liquidator appointed to investigate a class action over Walton Construction’s collapse is now looking to file his own case against National Australia Bank, the company’s former director, and the restructuring firm hired before the construction company’s demise.
The CFMEU has successfully challenged an interim Fair Work Commission order barring workers at stevedoring firm DP World from ‘go slow’ industrial action after an appeals panel found a commissioner had no power to make the original order because she miscalculated, by 7.5 hours, when she could make it.
ACCC Chair Rod Sims reiterated concerns about the lack of competition in the retail banking sector on Wednesday, but shut down media reports that the competition regulator is pushing for a royal commission-scale inquiry into the big four banks.
A class action alleging travel agency Scenic Tours owes damages to European cruise passengers forced to take buses when heavy rain flooded waterways is still proceeding despite an impending High Court appeal, with the tour company now seeking to argue in an amended defence that class members could not reasonably rely on it to control water levels.
Australian rail freight operator Aurizon has launched a lawsuit against US-based shortline railroad firm Genesee & Wyoming seeking damages over the impending sale of its Australian assets.
The plaintiffs firms running rival shareholder class actions against construction giant Lendlease have pitched a proposal to join their competing cases, a plan that should find favour with the judge overseeing the cases, who recently forced the consolidation of three duplicate class actions against failed engineering firm RCR Tomlinson.
The ABC is challenging a court ruling last month that rejected its bid to access documents behind the Australian Federal Police’s warrant to search its headquarters and partially blocked an application to amend claims in its case over the legality of the raid.
Mining firm MACH Energy has resolved a lawsuit brought by a former director seeking $20 million in shares allegedly owed under an equity incentive scheme.
Pharmaceutical company Generic Health has told the Federal Court that, on advice from their solicitors, Otsuka and Bristol-Myers Squibb “deliberately” chose not to disclose their reasons for an admission in a long-running patent case over the anti-psychotic drug Abilify, which they are now seeking to withdraw.