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Investors can’t revive class action over Octaviar collapse
Appeals 2019-06-21 9:27 pm By Miklos Bolza

An appeals court has tossed a challenge to the dismissal of an investor class action against the Public Trustee of Queensland over a failure to predict the 2008 collapse of Gold Coast-based finance group Octaviar, finding that the class had run a case based on allegations outside of its claims.

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ASIC seeks $36M penalty against AMP unit in insurance churn case
Financial Services 2019-06-19 5:13 pm By Miklos Bolza

The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.

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Government to fund examination of JM Kelly’s web of inter-company loans
Restructuring & Insolvency 2019-06-17 5:25 pm By Amelia Birnie

The Commonwealth has agreed to fund a public examination into the affairs of collapsed Queensland-based construction group JM Kelly, after liquidators uncovered a complicated web of inter-company loans.

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AIG loses appeal over insolvency exclusion in Kaboko Mining D&O policy
Insurance 2019-06-14 9:13 pm By Cat Fredenburgh

AIG Australia has failed to convince the Full Federal Court that an insolvency exclusion in a directors and officers policy held by Kaboko Mining should exempt it from covering claims brought by the collapsed mining company against four former executives after a failure to repay a US$5.95 million loan allegedly led to the company’s insolvency.

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ACCC too late to alter Pacific National undertaking, judge says
Competition & Consumer Protection 2019-06-12 11:32 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has come up short again in its challenge to Pacific National’s $205 million acquisition of competitor Aurizon’s Queensland freight terminal, with a judge shooting down the regulator’s request for a variation of Pacific’s undertaking that it will not block third parties from accessing the terminal.

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Ex-Hastie Services CEO says nothing ‘dodgy’ about orders to close earnings gap
White Collar 2019-06-04 10:03 pm By Miklos Bolza

The former chief executive officer of Hastie Services has admitted to asking staff to make up for a shortfall between forecast and actual profits at the firm, but claims he made the order with the expectation it would be done legally, the jury hearing a criminal case against him was told.

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Key witness in Hastie Services execs’ trial pointed the finger to save herself, jury hears
White Collar 2019-06-03 8:50 pm By Miklos Bolza

A former finance manager from Hastie Services and key witness for the prosecution in the criminal trial against two of the company’s former executives only pointed the finger at former COO Ian Thompson to avoid jail time herself, a jury has heard.

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Novartis appeals IP Australia decision invalidating MS drug patent
Intellectual Property 2019-06-03 4:11 pm By Cat Fredenburgh

Novartis has launched an appeal following a ruling by IP Australia that a proposed patent for an oral form of its top-selling multiple sclerosis drug Gilenya is invalid for lack of inventive step.

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Ex-Hastie Services CEO ordered ‘raid’ on balance sheets to make up targets, court hears
White Collar 2019-05-30 5:19 pm By Miklos Bolza

The former CEO of a unit of collapsed construction firm Hastie Group told staff to “raid the balance books” to make up financial targets linked to his bonus, prosecutors said at the outset of a two-month criminal trial.

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Singaporean company to be dragged into Hill & Smith road safety barrier patent dispute
Intellectual Property 2019-05-29 9:01 pm By Amelia Birnie

UK-based building products giant Hill & Smith Holdings wants to drag a Singaporean entity into its road safety patent dispute with Australian company Safe Barriers, whose directors are ex-employees of Hill & Smith.

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