Industries

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.

The judge who presided over ASIC’s successful case against payday lender Sunshine Loans has recused himself from deciding on penalty in the matter, saying a new court protocol might be needed for when a judge makes an adverse credit finding during the liability phase of a case.

AFL merchandise maker FanFirm has won a trade mark case against US sports merchandise giant Fanatics, with a judge finding it knew about the Australian company’s ‘Fanatics’ trade marks when it chose its corporate name.

A judge has rejected a law firm’s attempt to update its bid to run class actions against Hyundai and Kia, saying the changes were intended to net the firm a competitive advantage in an upcoming fight for carriage of the class actions and different in substance from its previous position.

A law firm has secured more funds to cover the cost of distributing a $20 million settlement reached in a class action against telco contractor BSA, but not as much as it wanted, with a judge saying the firm would have been stuck with its initial estimate if the administration gig had been put out to tender.