Australia ranks second in the world for climate-related lawsuits, and the threat of climate litigation looms larger than ever for Australian companies across all sectors, a new report has found.
Mayfair 101 director James Mawhinney has sought a temporary stay of ASIC’s case accusing him of being in contempt of court for allegedly breaching a 20-year ban on selling financial products.
A former auditor of collapsed video company BigUn has had his company auditor registration suspended for a year following an application by the corporate regulator over a conflict of interest.
A judge has questioned the $55,000 penalty jointly proposed by the parties in ASIC’s case against fintech company Squirrel Super over misleading statements about returns on property statements, saying it “might be a bit light on.”
Mining company TerraCom has lost a case seeking to shield a report by PricewaterhouseCoopers from the Australian Securities and Investments Commission, which is investigating claims current and former executives falsified coal quality results.
Technology company Nuix has been hit with a third shareholder class action over its troubled $1.8 billion float on the ASX, setting up what is likely to be the first beauty parade in the Supreme Court of Victoria since the state allowed class action lawyers to seek a cut of any settlement or judgment.
AMP has admitted to contraventions and will face a penalty in ASIC proceedings over fees-for-no-service conduct that allegedly led to upwards of $600,000 being unlawfully withdrawn from superannuation member accounts.
Clients of Linchpin Capital Group and subsidiary Endeavour Securities who were promised investments in a diversified loan portfolio were instead duped into funding Linchpin’s own business interests and lining its directors’ pockets, a judge has heard as trial got underway in ASIC’s case against three former Linchpin directors.
Mining giant Rio Tinto has been ordered to pay a $750,000 penalty in ASIC’s case over a disclosure breach linked to its $5.8 billion purchase of a Mozambique coal mining company.
Commonwealth Bank unit CommSec has agreed to pay a $20 million penalty for a series of “serious and unacceptable” failures that lead to excessive fee charges, a court has heard.