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The Commonwealth Bank of Australia has argued that disclosing its money laundering failures before AUSTRAC brought proceedings would have misled the market, as the bank takes the rare move of defending a shareholder class action at trial.
A second securities class action has been filed against failed Blue Sky Alternative Investments and auditor EY alleging financial reports materially overstated the health of the asset manager ahead of its collapse three years ago.
Media company The Economist has failed in its opposition to registration of a trade mark for The Beer Economist, with an IP Australia delegate saying the mark was not substantially identical or deceptively similar to the UK publisher's brand.
A judge has signed off on a group costs order in a shareholder class action against food company Noumi and auditor Deloitte guaranteeing group members a return of at least 78 per cent, but noted the law firms' cut may need to be reviewed to avoid a "disproportionate return".
While CBA's defence to a shareholder class action argues the bank did not need to disclose money laundering failures because it doubted AUSTRAC would take legal action, communications show it was drafting a defence six months before proceedings started, a trial has heard.
Virgin Australia's insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.
A court has found National Australia Bank engaged in unconscionable conduct in knowingly overcharging thousands of customers periodic payment fees for four years.
The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.
A judge has questioned Nine’s eleventh-hour bid to add allegations of “serious criminal offences” against a barrister who sued the media company over its coverage of her custody battle for famed social media pooch Oscar the cavoodle.
The Star Entertainment Group has been served with a second shareholder class action over disclosures relating to its anti-money laundering controls, a month after it was slapped with a $100 million fine.