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Court approves investors’ takeover of Angas Securities
Restructuring & Insolvency 2019-05-17 8:49 pm By Miklos Bolza

The Federal Court has approved a scheme of arrangement which will see investors take a 70 per cent stake in troubled fund manager Angas Securities, receiving a possible $52.2 million in shares and other assets.

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BHP wins bid for High Court intervention in $82M fight with tax office
Tax 2019-05-15 10:42 pm By Christine Caulfield

The High Court has agreed to take up an appeal by mining giant BHP Group Limited in its battle with the Australian Tax Office over an $82M tax bill.

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ICOS drops second patent dispute over erectile dysfunction drug
Intellectual Property 2019-05-15 12:41 pm By Amelia Birnie

US biotechnology company ICOS has settled a dispute with Australian-based Arrow Pharma over the patents for erectile dysfunction drug Cialis, less than 12 months after a court upheld the validity of the patents in a separate case.

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Ex-Babcock & Brown execs dodge case over botched $1.4B acquisition
Corporate 2019-05-14 10:00 pm By Christine Caulfield

A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.

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APRA ordered to hand over ASIC chats about IOOF exec
Financial Services 2019-05-14 9:06 pm By Amelia Birnie

APRA has been ordered to hand over all of its correspondence with fellow regulator ASIC relating to former IOOF chairman George Venardos, as he prepares to argue privilege over discovery that might incriminate him in any possible ASIC proceedings.

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Teva wins docs to bolster case that Boehringer’s Spiriva patents were obvious
Healthcare 2019-05-07 11:16 pm By Christine Caulfield

Israeli drug maker Teva has won its bid for communications between Germany-based Boehringer and capsule manufacturers to help prove its claim that a patent at the centre of a dispute over the top-selling inhaler Spiriva was invalid for obviousness.

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Westpac slams ASIC for ’19th century approach’ to home loans
Financial Services 2019-05-06 8:35 pm By Miklos Bolza

Banking giant Westpac has criticised the Australian Securities and Investments Commission’s old fashioned approach to home loan serviceability, saying its own complex system is more efficient and would “pass muster” in the face of the regulator’s allegations that it breached responsible lending laws.

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ASIC pares claims against Westpac on eve of trial
Financial Services 2019-05-03 11:45 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has narrowed its case against Westpac ahead of a high-stakes trial over the bank’s alleged violations of lending laws, striking claims that certain home loans were unsuitable for consumers.

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Woolworths class action homes in on supermarket giant’s price perception problem
Class Actions 2019-05-03 9:06 pm By Christine Caulfield

Woolworths’ knowledge of its poor performance on price perception among shoppers in 2014 is at the centre of a $100 million shareholder class action against the retailer, a court heard Friday.

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ASIC to face off against Westpac after judge ripped up $35M settlement deal
Financial Services 2019-05-02 9:22 pm By Cat Fredenburgh

The Australian Securities and Investments Commission will gets a chance on Monday to prove its claims that Westpac breached responsible lending laws by providing unsuitable home loans when the two face off in a high-stakes trial following the court’s rejection of what would have been a record $35 million penalty for breaching the country’s lending laws.

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