In a win for ASIC, the Federal Court has found that non-bank lender Firstmac Limited breached the design and distribution obligations, introduced in 2021, by marketing a managed investment scheme that could be unsuitable for customers’ financial needs.
A law firm partner who alleges a Melbourne solicitor failed to properly advise him on a share sale agreement with Slater & Gordon in 2014 declined assistance before signing a term sheet that outlined he could not sell his shares in the firm for three years, a court has heard.
The managing partner of a leading plaintiff law firm has sued a Melbourne firm, alleging it failed to properly advise him on an agreement that prevented him from selling his shares in Slater & Gordon before its share price plummeted in 2015.
A Greens senator has called for reducing a proposed immunity from climate disclosure litigation from three years to one after lawyers, including the NSW Bar Association, blasted the moratorium. But some law firms say the immunity doesn’t go far enough and should shield companies and their officers from continuous disclosure-related claims.
Veteran corporate lawyer Jim Peterson has left Baker McKenzie to join the Clayton Utz team as a legal consultant in Brisbane.
K&L Gates has lured three partners from rival firms to bolster its corporate, IP and real estate offerings across the country, including a former principal of Davies Collison Cave.
ANZ is set to acquire Queensland bank Suncorp, with treasurer Jim Chalmers signing off on the deal after the ACCC failed to block the $4.9 billion merger on competition grounds.
UK law firm DWF has acquired Melbourne claims management business Proclaim, expanding its insurance business in Australia.
The administrators for budget airline Bonza have found it likely traded while insolvent in the lead-up to its voluntary administration, suggesting the airline’s directors may have breached their duties under the Corporations Act.
A judge has expressed concern about the Australian Securities and Investments Commission’s suspicion that a former director of Keystone Asset Management may have used investor funds to purchase a house in his wife’s name, calling it “alarming”.