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Former CFO dragged into Westpac’s $294M fraud case against Forum Group
Financial Services 2021-12-07 11:45 am By Miklos Bolza

The former chief financial officer of beleaguered Forum Group has been dragged into a lawsuit by Westpac seeking to recoup $294 million in funds paid into an alleged fraudulent scheme.

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ACCC trying to ‘fit a square peg into a round hole’ with bank cartel case, court hears
Competition & Consumer Protection 2021-12-03 4:59 pm By Cindy Cameronne

The ACCC has been accused of running a “experimental test case” that tries to fit the shares market within the scope of the Competition and Consumer Act with its criminal cartel case against Citigroup, Deutsche Bank and several prominent banking executives over a $2.5 billion ANZ share placement.

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Training college AIPE hit with record $153M penalty for ‘unconscionable’ enrolment system
Competition & Consumer Protection 2021-12-03 1:04 pm By Miklos Bolza

Collapsed NSW training company Australian Institute of Professional Education has been slugged with a $153 million penalty, the highest ever fine in a consumer law case, after the Federal Court found the school targeted vulnerable students through an “unconscionable” enrolment system.

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‘Don’t panic’: JPMorgan boss tried to allay bank exec’s fears over shortfall, court told
Competition & Consumer Protection 2021-12-02 9:52 pm By Cindy Cameronne

JPMorgan Australia chairman Rob Priestley told Citigroup and Deutsche Bank executives not to “panic” about picking up a shortfall in the sale of ANZ shares, a court has heard in the ACCC’s criminal cartel case over a $2.5 billion ANZ share placement.

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Judge makes first class action order giving law firm cut of proceeds
Class Actions 2021-12-02 10:24 am By Cindy Cameronne

Saying the funding arrangement would eliminate the possibility that legal costs ate up the majority of any return to group members, a judge overseeing a shareholder case against G8 Education has issued the first ever group costs order in a class action.

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Opal Tower engineer wins bid to probe scope of insurers indemnity of Icon
Class Actions 2021-12-02 4:54 pm By Miklos Bolza

The structural engineer behind Sydney’s ill-fated Opal Tower can examine whether builder Icon Co has been indemnified for $31 million worth of damage which occurred in the 36-storey apartment block on Christmas Eve of 2018, a court has found.

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ACCC pressured ASIC to drop investigation into JPMorgan, court hears
Competition & Consumer Protection 2021-12-01 8:57 pm By Cindy Cameronne

A senior ACCC officer tried to dissuade ASIC from investigating alleged insider trading by JPMorgan because of fears it would “upset” the competition regulator’s criminal cartel case over a $2.5 billion ANZ share placement, a court has heard.

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CFMMEU cops $554,600 penalty for coercive worksite protests
Employment 2021-12-01 9:46 pm By Bianca Hrovat

The CFMMEU and two of its officers have been hit with a $554,600 penalty for allegedly using the union’s “covert industrial muscle” to pressure a New South Wales crane company to bend to its bargaining demands.

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Acciona may have ‘difficulty’ persuading court in spat over $696M Kwinana project
Energy & Natural Resources 2021-11-30 2:19 pm By Bianca Hrovat

A judge has granted a 21-day stay of a lawsuit brought by Acciona, a Spanish infrastructure company seeking to use COVID-19 as a reason to back out of its construction contract for the $696 million Kwinana waste-to-energy plant, and has warned the company it faces a difficult task to persuade the court of its case.

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ACCC updated policies on witnesses after ‘flawed’ bank cartel probe, court hears
Competition & Consumer Protection 2021-11-30 10:36 pm By Miklos Bolza

A senior ACCC officer was probed Tuesday on whether the competition regulator updated its guidelines for taking witness statements in July in response to criticism of investigators’ methods in the cartel probe over ANZ’s $2.5 billion share placement.

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