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ASIC wins greenwashing case against Vanguard over $1B fund
Securities 2024-03-28 4:15 pm By Cindy Cameronne

The Australian Securities and Investments Commission has won its first civil penalty proceeding in a greenwashing case, with a court finding against Vanguard Investments over its $1 billion “ethically conscious” hedge fund.

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Full Court says climate change wrongly omitted from native title ruling on Santos gas project
Climate change 2024-03-06 10:35 pm By Cat Fredenburgh

The Full Federal Court has found a native title tribunal failed to consider climate change when making a finding in relation to four new petroleum production leases for Santos’ Narrabri gas project in New South Wales.

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ASIC wins appeal over funeral insurer’s ‘Aboriginal-owned’ representations
Appeals 2024-02-29 11:18 pm By Cat Fredenburgh

The Full Federal Court has found it was “abundantly clear” on the evidence before a trial judge that funeral expenses insurance provider ACBG misrepresented to Aboriginal customers that it was Aboriginal owned or managed, but found ASIC contributed to the error with its bad pleadings.

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Third law firm ‘waiting in the wings’ to file class action against IC Markets
Class Actions 2024-02-09 9:05 pm By Sam Matthews

International Capital Markets may soon face a third class action, a court has heard, as the first two class actions to be filed against the Sydney-based online broker over risky contracts for difference mull consolidation. 

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Rio Tinto shielded by war sanctions from wrath of Russian aluminium producer
Energy & Natural Resources 2024-02-01 4:17 pm By Cindy Cameronne

Russia’s largest aluminium producer UC Rusal has lost a breach of contract lawsuit brought against six Rio Tinto companies after they refused to deliver alumina under a joint venture agreement on the basis that doing so would cause them to run afoul of export sanctions imposed after Russia invaded Ukraine.

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ASIC can’t undo stay of disciplinary case against iSignthis auditor
Appeals 2024-01-08 11:59 pm By Cindy Cameronne

The Australian Securities and Investments Commission has lost its bid to pursue a disciplinary case against former Grant Thornton director Bradley Taylor over his 2018 audit of fintech firm iSignThis while criminal proceedings are ongoing.

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BlueScope appeals ACCC win in case over attempted price fixing
Appeals 2023-09-25 11:20 pm By Christine Caulfield

BlueScope Steel is challenging a ruling that it pay a record $57.5 million penalty for engaging in attempted price fixing with flat steel distributors.

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Judge OKs $50M settlement, $2.5M Deloitte fee in CBA class action
Class Actions 2023-09-15 10:45 pm By Sam Matthews

A judge has approved a $50 million settlement in a class action against the Commonwealth Bank over allegedly worthless consumer credit insurance after his concerns about a $2.5 million deduction for Deloitte were allayed.

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ANZ, Suncorp gear up for fight with ACCC over $4.9B merger
Competition & Consumer Protection 2023-09-12 11:25 pm By Sam Matthews

A battle with the competition regulator over the proposed ANZ, Suncorp tie-up has begun, with the first clash involving a group of rival lenders that want their submissions to the ACCC kept under lock and key.

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ASIC loses appeal in CBA conflicted remuneration case
Financial Services 2023-08-17 10:32 am By Cindy Cameronne

ASIC has lost its challenge to findings that a revenue sharing arrangement between the Commonwealth Bank of Australia and former subsidiary Colonial First State Investments did not breach conflicted remuneration provisions of the Corporations Act.

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