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Westpac cops $10M fine in personal advice case, but doesn’t say sorry
Financial Services 2021-08-23 4:16 pm By Cindy Cameronne

Two Westpac units have been hit with $10.5 million in fines for providing personal financial advice during a superannuation rollover campaign, with a barrister for ASIC noting the bank had not apologised or expressed regret for the conduct.

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Cytec prevails again in challenge to Nalco mining patent
Energy & Natural Resources 2021-08-19 3:34 pm By Miklos Bolza

US-based chemical and materials technology company Cytec Industries has won its Federal Court challenge to a mining patent application by a unit of Ecolab, with the court finding the claims in the patent lacked support and sufficient disclosure.

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Banks unleash new legal maneuvers to shut down ANZ cartel case
Competition & Consumer Protection 2021-08-18 4:07 pm By Miklos Bolza

The banks and high-ranking executives targeted in pared-down criminal cartel proceedings over a $2.5 billion ANZ share placement are taking new steps to shut down the long-running case, including further probes into the ACCC’s conduct during its investigation into the alleged cartel.

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Hancock Prospecting avoids $3M discovery hit
Energy & Natural Resources 2021-08-18 4:21 pm By Miklos Bolza

Gina Rinehart’s Hancock Prospecting has avoided a discovery order that would cost an estimated $3 million to comply with, with a judge instead ordering that limited discovery be given to two Rinehart children in an ongoing family dispute over titles for the Hope Down iron ore mine.

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Former Citigroup boss escapes ANZ cartel case as prosecutors slash charges
Competition & Consumer Protection 2021-08-17 11:33 pm By Christine Caulfield

Prosecutors have withdrawn two-thirds of the charges in a criminal cartel case over a $2.5 billion ANZ share placement and have dropped their case against former Citigroup CEO Stephen Roberts, according to a lawyer in the case.

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Judge finds Phoenix Institute treated vulnerable customers with ‘callous indifference’
Competition & Consumer Protection 2021-08-13 4:26 pm By Miklos Bolza

A judge has found collapsed education provider Phoenix Institute acted unconscionably and with “callous indifference” by enticing vulnerable consumers to enrol in unsuitable courses with promises of free laptops.

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Forum directors funnelled millions to buy luxury cars, jewellery and racehorses, court told
Financial Services 2021-08-11 7:11 pm By Miklos Bolza

Westpac has released further details of its fraud claim against Bill Papas, founder of the Forum Group of Companies, painting a picture of an elaborate scheme to misappropriate $254 million to buy real estate, jewellery, luxury cars, racehorses and European football teams.

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Westpac’s $30M insurance class action settlement wins court approval
Class Actions 2021-08-09 8:42 pm By Miklos Bolza

The Federal Court has given the greenlight to a $30 million settlement in Shine Lawyers’ insurance class action against Westpac and will allow post-settlement registration notices to be sent to group members.

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Court cuts silk’s fees in Westpac class action
Class Actions 2021-08-09 3:23 pm By Miklos Bolza

The former senior counsel in a settled insurance class action against Westpac has had his fees reduced by $70,000 after the Federal Court heard some of the work for which he charged was not done in the interests of group members.

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COVID-19 delays judgment in ACCC’s long-running case against private college Phoenix
Competition & Consumer Protection 2021-08-06 3:37 pm By Miklos Bolza

Sydney’s ongoing COVID-19 lockdown has created “logistical” difficulties delaying the release of a long awaited judgment in the ACCC’s consumer law case against collapsed private college Phoenix Institute, which was accused of misleading students through the marketing of its courses.

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