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ASIC has ‘limited success’ in case against funeral insurer, wins $1.2M penalty
Competition & Consumer Protection 2023-09-05 11:13 pm By Christine Caulfield

A judge has order ACBF Funeral Plans to pay $1.2 million for misleading its First Nations customers, a penalty less than one-fifth the fine sought by ASIC.

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Despite conflicts, ASIC loses fight over insolvency partners’ remuneration
Restructuring & Insolvency 2023-09-01 11:04 pm By Christine Caulfield

Two former Ferrier Hodgson partners had conflicts of interest when they accepted appointments as administrators of a failed pig farm operation, an appeals court has found, but their remuneration won’t take a hit as a result.

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IAG may face follow-on class action over ‘loyalty discounts’
Class Actions 2023-08-31 2:33 pm By Cat Fredenburgh

Two units of insurer IAG are facing possible class actions that mirror claims in proceedings brought by the Australian Securities and Investments Commission last week that accuse the insurer of misleading home owners insurance customers about loyalty discounts.

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ASIC seeks ‘re-run’ of trial against James Mawhinney, court told
Financial Services 2023-08-31 3:23 pm By Cindy Cameronne

ASIC wants to re-run its case against investment group M101 Nominees and founder James Mawhinney after admitting it made errors at its initial trial, arguing for new fines and disqualification orders on remittal by the Full Court, a judge has heard.

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ASIC takes funeral insurance company executives to court
ASIC 2023-08-31 11:16 pm By Christine Caulfield

The Australian Securities and Investments Commission has launched legal action against five former directors and officers of defunct funeral insurance firm Youpla Group.

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‘Cavalier’ witness tanks ASIC’s long-running case against Quintis founder
Corporate 2023-08-29 11:14 pm By Christine Caulfield

The corporate regulator has lost its civil case against Frank Wilson, the founder of sandalwood oil producer Quintis, after failing to persuade the Federal Court he withheld from the board the termination of major supply contracts with a Nestle unit.

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Star Entertainment racked up $600M in legal, regulatory bills
Gaming 2023-08-29 11:50 pm By Sam Matthews

Star Entertainment coughed up $595 million in regulatory and legal costs in the 2023 financial year, as it faces ongoing disputes with ASIC and AUSTRAC and an $80 million class action.

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IAG duped consumers with loyalty discount promises, ASIC says
ASIC 2023-08-25 1:42 pm By Cat Fredenburgh

Delivering on one of its enforcement priorities, the Australian Securities and Investments Commission has taken two units of insurer IAG to court for allegedly misleading home owners insurance customers about loyalty discounts.

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Ex-G8 Education chair suffers another loss in challenge to ASIC examination
Corporate 2023-08-22 10:29 pm By Sam Matthews

Former G8 Education chair Jennifer Hutson has lost an appeal of a decision that found she was not unlawfully examined by the corporate regulator over the childcare company’s $162 million hostile takeover bid for Affinity Education Group.

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ASIC suffers significant loss in ‘illegal phoenix’ case against liquidator
Restructuring & Insolvency 2023-08-18 11:32 pm By Christine Caulfield

The corporate regulator has failed in its case targeting an individual insolvency practitioner for alleged illegal phoenix activity.

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