A court has upheld two decisions by the Australian Government Takeovers Panel that a bid by asset manager Aurora Funds Management to replace Molopo Energy’s directors was made in “unacceptable circumstances”.
Defunct financial adviser Dover Financial has sued three separate law firms for allegedly negligent advice over a ‘client protection policy’ that the Federal Court found was misleading, deceptive and an “exercise in Orwellian doublespeak”.
A judge has issued a temporary injunction limiting how Mayfair 101 can promote two of its investment products, in proceedings brought by ASIC accusing the investment firm of misleading and deceptive advertising.
The Australian Securities and Investments Commission has taken action on another banking royal commission case study, filing court proceedings against insurer Youi for allegedly taking two years to settle a home owner’s hail storm claim.
Payday lender Cigno has lost a challenge to the corporate regulator’s first action under powers to prohibit ‘predatory’ financial products that targeted its model of short-term credit lending.
A judge has refused to delay a civil penalty hearing brought by ASIC against GetSwift, scheduled to begin in June, after the logistics company argued that the virtual hearing necessitated by the COVID-19 pandemic would be prejudicial and the proceedings should be adjourned.
The Australian Securities and Investments Commission has launched proceedings against investment firm Mayfair 101 Group and Mayfair Platinum accusing them of misleading advertising.
The Australian Institute of Company Directors is calling on the Federal Government to bar lawsuits over coronavirus-related disclosures, including class actions, but some lawyers warned the proposal would leave companies free to mislead and deceive shareholders.
Real estate agents advising tenants who may be unable to pay their rent to draw down their superannuation have raised the ire of the Australian Securities and Investments Commission, which warned they could be violating the Corporations Act.
A judge has ordered that Joseph ‘Diamond Joe’ Gutnik’s Merlin Diamonds be wound up after the mining company’s provisional liquidators uncovered “serious contraventions” and a “serious failure of governance”.