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Banks will try to quash ‘incomprehensible’ indictment in ANZ cartel case
Competition & Consumer Protection 2021-02-22 1:26 pm By Miklos Bolza

Global investment banks and executives accused of engaging in criminal cartel conduct in relation to a $2.5 billion ANZ share placement in 2015 will seek to quash the “incomprehensible” indictment filed against them, claiming it is full of “fallacies”.

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Judge says tweaking class closure order requires analysis of power, won’t go there
Class Actions 2021-02-19 11:52 pm By Christine Caulfield

A judge has refused to extend the date by which Coles workers can register to join an employment class action against the supermarket giant as part of a class closure order, saying the amendment would force a hearing on his power to make the order.

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Liquidators say Arrium directors should have known about ‘liquidity crisis’ sooner
Restructuring & Insolvency 2021-02-15 3:41 pm By Miklos Bolza

The directors of steel giant Arrium, which collapsed owing $4 billion in debts, should have known earlier that the company was in a “liquidity crisis” and was trading while insolvent, liquidators for the company allege.

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Judge ‘tempted’ to allow Arrium liquidator to give expert evidence at trial
Restructuring & Insolvency 2021-02-11 3:29 pm By Spencer Fowler Steen

A judge has indicated that he will allow Arrium Group’s liquidator to give expert evidence at an upcoming trial in proceedings against the steel giant’s former directors over its $4 billion collapse, despite his other role as a party in the case.

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Judge OKs $9.5M McMillan Shakespeare settlement despite funder, lawyers taking bulk
Class Actions 2021-02-05 5:29 pm By Spencer Fowler Steen

A judge has approved a $9.5 million settlement in a class action against McMillan Shakespeare as fair and reasonable, allowing a common fund order and a nearly 30 percent commission for the litigation funder despite previously raising “real concerns” about the small portion flowing to group members.

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Judge won’t allow new claims against Herbert Smith Freehills over Arrium Group collapse
Restructuring & Insolvency 2021-02-03 4:11 pm By Cat Fredenburgh

A judge has refused a bid to bring claims against law firm Herbert Smith Freehills in one of three lawsuits that will soon head to trial over the $4 billion collapse of steel giant Arrium Group.

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Monster Energy challenges loss of ‘Motherland’ trade mark
Intellectual Property 2021-02-02 2:34 pm By Cat Fredenburgh

Monster Energy, which makes Mother brand energy drinks, has appealed a ruling from IP Australia that granted rival caffeinated beverage maker Vittoria Food & Beverage’s application for the removal of Monster’s ‘Motherland’ trade mark for non-use.

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Funder likens itself to pinata in hearing over $9.5M class action settlement
Class Actions 2021-02-01 7:15 pm By Spencer Fowler Steen

The funder behind a class action against McMillan Shakespeare has warned against the court beating it up like a ‘pinata’ in a settlement approval hearing in which the judge expressed “real concerns” about the portion of a $9.5 million settlement earmarked for group members.

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Herbert Smith Freehills lures esteemed competition partner from Clayton Utz
Business of Law 2021-02-01 5:47 pm By Cat Fredenburgh

Herbert Smith Freehills has snagged one of the country’s leading competition lawyers who advised on two of the biggest and most contentious mergers in recent years from rival Clayton Utz to join its market-leading competition and trade practices group.

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Judge refuses class action’s bid to amend forex cartel case against banks
Class Actions 2021-02-01 3:24 pm By Christine Caulfield

A judge has sided with five investments banks and rejected a bid to amend a class action alleging a series of cartel agreements to rig foreign exchange rates, saying there were “substantial problems” with the proposed pleadings.

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