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Woolworths class action settlement ditched after judge expresses concerns
Class Actions 2022-03-08 12:36 pm By Miklos Bolza

A class action settlement with Woolworths which “troubled” a Federal Court judge has been abandoned, with the lead applicants resuming their bid to intervene in a parallel proceeding brought by the Fair Work Ombudsman against the supermarket giant.

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‘That’s not what investors signed up for’: Linchpin used funds for unauthorised loans, court told
Trials 2022-03-08 9:40 pm By Sam Matthews

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.

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Rio Tinto must pay $750,000 for disclosure breaches over $5.8B acquisition
Energy & Natural Resources 2022-03-07 10:56 am By Christine Caulfield

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.

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CommSec agrees to $20M penalty for ‘serious and unacceptable’ system failures
Financial Services 2022-03-03 9:02 pm By Bianca Hrovat

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.

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ACCC flags supply chain competition in COVID-19 era as new priority
Competition & Consumer Protection 2022-03-03 4:15 pm By Sam Matthews

The ACCC will target businesses seeking to use COVID-related disruptions to global and domestic supply chains as “a veil for illegal conduct” the watchdog’s outgoing chair has said in setting out the regulator’s priorities for 2022.

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ASIC to target company directors over cyber risk, climate change disclosures 
ASIC 2022-03-03 9:32 pm By Sam Matthews

Directors have been warned by the corporate regulator to take an active role in the management of cyber risks or face enforcement action.

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FWO takes Sushi Bay to court for alleged worker underpayments
Employment 2022-03-03 3:18 pm By Sam Matthews

The Fair Work Ombudsman has commenced legal proceedings against the Sushi Bay group of restaurants and its owner for allegedly underpaying workers to the tune of $650,000.

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Probuild administrators look to forestall ‘nightmarish’ construction delays
Restructuring & Insolvency 2022-03-02 2:34 pm By Bianca Hrovat

Administrators for building giant ProBuild have won more time to examine its assets as they try to avoid the “nightmarish prospect” of costly delays to the company’s projects.

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Abandoned IVF clinic merger no win for ACCC, judge says
Competition & Consumer Protection 2022-03-01 4:54 pm By Christine Caulfield

The ACCC got what it wanted when IVF providers Virtus Health and Healius terminated a proposed $45 million merger, but it wasn’t a win, a judge has said in mostly denying the regulator’s bid to recover the costs of its court challenge to the deal.

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ASIC drops most claims against Rio Tinto over $5.8B acquisition
Securities 2022-02-28 1:31 pm By Miklos Bolza

The Australian Securities and Investments Commission has dropped all but one claim against Rio Tinto in a four-year-long case over disclosures related to its troubled $5.8 billion acquisition of a Mozambique coal mining business and abandoned all claims against the mining giant’s former CEO and CFO.

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