Damages for reduction in value under the Australian Consumer Law are at the centre of competing special leave applications to the High Court filed by Toyota and the lead applicant in a class action over defective diesel filters.
Two executives involved in ANZ’s $2.5 billion equity capital raising have stood by arguments that the book was covered when the bank’s underwriters took up $750 million of the shares, despite ASIC’s allegations of “receding demand” on the day of the placement.
ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.
A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.
Award-wining architecture firm Ashton Raggatt McDougall and its former boss have agreed to pay a combined $975,000 in penalties for attempting to rig bids on a $250 million building project at Charles Darwin University.
An appeals court has partially sided with Toyota in a challenge to the damages bill assessed by a judge in a class action over defective diesel filters, saying the reduction in value of affected cars should be assessed at 10 per cent, not 17.5 per cent, of the price paid by motorists.
The Commonwealth Bank of Australia has urged the Full Court to toss ASIC’s challenge to a decision dismissing its conflicted remuneration case over the bank’s sale of its Essential Super product, saying the appeal suffered from “fatal” flaws.
US tool giant Illinois Tool Works has defeated an appeal to a ruling that found Australian tool company Airco infringed it patent for a fuel cell designed for use in combustion tools.
Two Sydney lawyers have lost an application to set aside bankruptcy notices filed by their insurer claiming over $300,000 in legal costs, after a judge rejected their arguments about an “overarching conspiracy” in the case.
Avant Insurance has lost its bid to challenge a ruling which put it on the hook for indemnifying a plastic surgeon in class action proceedings over allegedly botched breast augmentations at a defunct NSW clinic.