Trader Daniel Schlaepfer and his firm Select Vantage are seeking over $10 million in damages from the Australian Securities and Investments Commission in a defamation action against the corporate regulator, a court heard Thursday on the fourth day of trial in the case.
The Australian Competition and Consumer Commission will not oppose the merger of two companies that own some of Australia’s largest intellectual property boutiques.
The Commonwealth Bank of Australia, facing cross-claims by credit ratings agency Fitch in a class action alleging it gaveĀ false or misleading double A and triple A ratings to synthetic CDOs backed by Sigma Financial, told investors Fitch’s withdrawal of Sigma’s credit rating prior to the collapse of theĀ $27 billion investment fundĀ was a “technical” issue, the bank has admitted.
A judge has ordered directors of collapsed mining company Termite Resources to pay $7 million in damages after finding they breached their duty by distributing more than $46 million to its parent company and failing to maintain a cash reserve of at least $10 million.
Receivers, not just liquidators, can distribute assets to satisfy priority claims of an insolvent company’s employees, a judge has ruled, settling a question of law under the Corporations Act.
The ACCC will announce in May whether it will approve the proposed $15 billion merger of telco giants TPG and Vodafone Hutchison Australia, afterĀ the parties’ failure to comply with requests for information caused the regulator to suspend its timeline last month.
Australia’s largest independent coal producer Whitehaven Coal Mining has been convicted and fined $38,500 after potentially harmful gas drifted from one of its mines across neighbouring farmland.
Generic pharmaceutical firm Sandoz has won a temporary stay of a $26.3 million judgment in a patent case as it awaits a decision by the Commissioner of Patents regarding a licence to make a cheaper version of the bestselling antidepressant Lexapro.
Trial in a shareholder class action against engineering company WorleyParsons will be heard by a new judge in late August, six months after it was unexpectedly vacated.
Mach Energy is fighting a second lawsuit by a former director alleging he is owed $13 million in shares under an equity incentive scheme based on the performance of the Mount Pleasant coal project acquired from Rio Tinto in 2016.