The Australian Securities and Investments Commission has handed Queensland investment firm Penta Capital a $53,280 fine for allegedly making false statements on its website, including that it managed $6.9 billion on behalf of retail, wholesale and institutional clients.
Apple has failed to prevent a funder from accessing data that will allow it to estimate potential damages in a class action it’s bankrolling over allegedly anti-competitive app store restrictions.
The Australian Law Reform Commission has recommended extensive reforms to the “confusing maze” that is the Corporations Act, including the creation of a standalone financial services law.
The federal government has hit back at a class action over an outbreak of white spot disease in South-East Queensland that decimated the commercial prawn industry, pointing the finger at several importers and saying farmers failed to mitigate their own losses.
The Australian Communications and Media Authority has hit teleco Medion Australia with a $259,440 penalty for allegedly failing to verify customer identity, claiming it caused several people to fall victim to SIM-swap scams.
A judge has handed a partial win to homewares brand Bed Bath N’ Table, finding rival House misled consumers by opening a sub-brand called House Bed & Bath but rejecting the retailer’s trade mark infringement claims.
Property developer Green Capital and Lake Macquarie City council are facing a class action seeking compensation for homeowners in a Newcastle suburb over properties that are allegedly sinking into the ground and have been “injuriously affected in value”.
The High Court has been asked to hear another case dealing with how reduction in value damages should be calculated under the Australian Consumer Law, with Ford arguing its appeal should be heard alongside two appeals in a class action against Toyota which the High Court has already agreed to take up.
A law firm is mulling a class action against Toyota over paint on certain Corolla models that allegedly peeled when exposed to sunlight or ultraviolet light, in alleged breach of the acceptable quality guarantees under the Australian Consumer Law.
Aristocrat Leisure and its mobile gaming units Big Fish Games and Product Madness have been hit with a consumer class action, after a US class action alleging Big Fish apps constituted illegal gambling settled for US$155 million.