The Federal Court has ordered former Tennis Australia director Harold Mitchell to pay a $90,000 penalty after a “narrow” win for ASIC in its case over the domestic broadcast rights to the Australian Open.
Software company LiveTiles will pay $8.445 million to settle litigation brought by Microsoft solutions provider nSynergy’s founder Keith Redenbach against his brother, LiveTiles CEO Karl Redenbach, alleging he diverted tens of millions of dollars in nSynergy’s assets, including LiveTiles.
Real estate investment giant Cromwell Property Group will not get the court’s help in pursuing a case of “unlawful association” against its largest shareholder, Singapore-based ARA Group, which has made a $518 million hostile takeover bid, and the family of Chinese billionaire Gordon Tang.
AIG has settled a lawsuit brought by Kaboko Mining against several former directors alleging they failed to exploit commercial opportunities, after the insurer failed to convince an appeals court that an insolvency exclusion in the company’s D&O policy should exempt it from covering the claims.
A judge has dismissed a lawsuit brought by Arnold Bloch Leibler seeking to use information from its legal work on Slater & Gordon’s $1.2 billion acquisition of UK firm Quindell to defend itself in a class action brought by the plaintiffs firm’s shareholders.
In a win for ASIC, a judge has found that former oil and gas company Antares Energy violated its continuous disclosure obligations by failing to reveal the name of the buyer behind an ill-fated US$254 million acquisition of Texan oil assets.
ASIC and the applicant in a class action against GetSwift have intervened in an application by the logistics provider to relocate its headquarters to Canada, aiming to ensure shareholders are aware of the potential outcomes of the regulator’s enforcement action, which include banning orders against directors Bane Hunter and Joel Macdonald.
The Australian Competition and Consumer Commission has raised concerns about Alsco’s proposed acquisition of commercial laundry business Spotless Garments, saying the combined entity would have few large competitors.
Commonwealth Bank of Australia has resolved a lawsuit brought by a former general manager alleging he lost his job for blowing the whistle on a system allegedly used by staff to inflate their bonuses.
The competition watchdog will not oppose Mylan NV’s proposed merger with Pfizer’s Upjohn Inc after the global pharmaceutical giants agreed to sell several off-patent brands to dispel competition concerns.