Two executives involved in ANZ’s $2.5 billion equity capital raising have stood by arguments that the book was covered when the bank’s underwriters took up $750 million of the shares, despite ASIC’s allegations of “receding demand” on the day of the placement.
ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.
A class action over the collapse of Walton Construction has argued the National Australia Bank cannot shield communications with Norton Rose Fulbright and Deloitte because they were made to further a fraud or otherwise had an illegal or improper purpose.
A judge has expressed his “frustration” that a class action against the government over the use of alleged toxic firefighting foam has not settled despite the resolution of similar group proceedings almost three years ago.
A judge has ruled Scenic Tours can cross-examine class action members without seeking approval from referees, who will oversee a process for assessing amounts owed to them, after the tour operator mostly lost its appeal of a judgment that put it on the hook for damages to disappointed cruise goers.
A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.
The competition and consumer regulator is examining how banks set interest rates on savings accounts and why they are not in line with the Reserve Bank’s cash rate increases, as part of an inquiry launched in February.
Cruise operator Scenic Tours is stuck with a $10 million damages bill but has avoided paying for disappointed traveller’s flights, after an appeals court mostly rejected its appeal of an award to travellers who were promised a “once in a lifetime cruise along the grand waterways of Europe” but were instead forced to take the bus.
The competition regulator has opposed Qantas’ acquisition of Brisbane-based regional airline Alliance Aviation Services, saying the deal was likely to substantially reduce competition in air transport for mining companies in Western Australia and Queensland.
The ACCC has given its blessing to Sika’s planned acquisition of Germany-based MBCC Group, subject to the divestiture of MBCC’s Australian and New Zealand business.