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Greensill insurer BCC, sacked manager dragged into cases against IAG
Insurance 2022-03-02 11:00 pm By Christine Caulfield

Tokio Marine subsidiary Bond & Credit Company and fired underwriter Greg Brereton have been pulled into lawsuits targeting Insurance Australia Group over trade credit policies covering $4.6 billion in loans issued by the now collapsed Greensill Capital.

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ASIC drops most claims against Rio Tinto over $5.8B acquisition
Securities 2022-02-28 1:31 pm By Miklos Bolza

The Australian Securities and Investments Commission has dropped all but one claim against Rio Tinto in a four-year-long case over disclosures related to its troubled $5.8 billion acquisition of a Mozambique coal mining business and abandoned all claims against the mining giant’s former CEO and CFO.

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Mayfair’s ex-lawyers may fight claim that ‘flagrant incompetence’ led to court loss
Appeals 2022-02-24 7:36 pm By Bianca Hrovat

Former legal representatives of companies in the Mayfair 101 group are considering an application to strike out part of an appeal that alleges their ā€œflagrant incompetenceā€ led to director James Mawhinney copping a 20-year ban on soliciting investor funds.

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Funder may walk if 40% group costs order rejected in Arrium class action
Class Actions 2022-02-22 9:33 pm By Miklos Bolza

A funder that’s helping foot the bill in a class action against Arrium’s former directors and KPMG may withdraw support if the law firm that’s running it is not granted an order awarding it 40 per cent of any award or settlement.

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High Court to decide if class action shareholders can publicly grill directors
Restructuring & Insolvency 2022-02-11 11:59 pm By Christine Caulfield

A case before the High Court could have major implications for company directors, giving shareholders in class actions the power to drag them before court for public examination.

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Rio Tinto to cop penalty in ASIC case over failed $5.8B acquisition
Energy & Natural Resources 2022-02-11 11:37 pm By Cat Fredenburgh

Rio Tinto will face a penalty in proceedings brought by the Australian Securities and Investments Commission alleging the mining giant misled shareholders about the resources of a Mozambique mining company it acquired for $5.8 billion in 2011 and later offloaded for $70 million.

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Arrium shareholders in class action can’t access full KPMG audit file
Class Actions 2022-02-04 1:59 pm By Cat Fredenburgh

Shareholders in a class action against failed steel giant Arrium and KPMG have lost their bid for KPMG’s complete audit file for Arrium to probe the Big Four accounting firm’s handling of the steel producer’s financial statements before its collapse in April 2016.

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Gilbert + Tobin nabs climate change ace from Baker McKenzie
Climate change 2022-02-03 10:47 pm By Cat Fredenburgh

A leading climate change lawyer at Baker McKenzie has made the jump to Gilbert + Tobin, less than a year after the US firm’s renewable energy practice lost its global co-head and two partners to another Big Six firm.

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Ashurst recruits financial regulation heavyweight from Clayton Utz
Financial Services 2022-01-31 7:17 pm By Sam Matthews

Ashurst has bolstered the ranks of its financial regulation team with the appointment of long-serving Clayton Utz partner Narelle Smythe, who joins the firm’s team in Sydney.

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Judge won’t block disciplinary action against unvaccinated Qantas staff
COVID-19 2022-01-24 5:18 pm By Bianca Hrovat

A judge has dismissed an urgent application to block Qantas from taking disciplinary action against unvaccinated employees, but the airline has committed to extending their leave with pay until a challenge to its COVID-19 vaccination policy can be heard.

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