Regulators

Supermarket giant Woolworths will pay an additional $50 million to current and former salaried team members and has provisionally settled an underpayments class action against it.

IOOF unit RI Advice has lost its bid to strike out ASIC’s novel case claiming it failed to protect its clients against cybersecurity risks, but a judge has chastised the regulator for causing “needless confusion” and “wasted time”.

The Australian Competition and Consumer Commission has launched an investigation into logistics company Qube’s recent $90 million acquisition of the Newcastle Agri Terminal.

The Australian Taxation Office has won an urgent bid to freeze the assets of James Raptis and 11 associated entities, after accusing the Queensland property developer of dodging $109.5 million in taxes since 2000.

Financial services provider AMP has hit back at ASIC’s civil penalty action alleging it charged super members fees for no service, saying it was not involved in its licensees’ contraventions.

A $78 million class action against National Australia Bank and Walton Construction seeking compensation for sub-contractors after the company’s collapse has halted as lawyers scramble to comply with the managed investment scheme requirements for funded class actions implemented by the Morrison government.

The Australian Securities and Investments Commission says beleaguered investment group Mayfair 101 should pay a $12 million penalty after a judge found the company misled investors about its financial products.

The founder of embattled investment group Mayfair 101, James Mawhinney, has said he received legal advice approving the company’s advertising of financial products that a court has found misled investors.

Logistics company GetSwift’s settlement of a shareholder class action will see group members share in $1.5 million cash plus access to further funds and revenue raised by the company over a three-year period.

The Australian Competition and Consumer Commission says it should be given more power to regulate the $9.5 billion advertising technology sector, after a report revealed Google’s overwhelming dominance could lead to consumers paying more for advertised goods.