Payday lender Cigno has lost its appeal of a ruling which upheld ASIC’s first product intervention order banning the use of short-term lending models with “excessive” fees.
The corporate regulator has secured a travel ban against the brother of former Nuix CFO Stephen Doyle as it pursues a criminal investigation of alleged insider trading by the executive and his family.
Energy generator Stanwell has filed a lawsuit seeking to shut down the funding for a class action brought on behalf of 50,000 customers accusing it of gaming Queenland’s energy pricing system, alleging funder LCM lacked the required licence to back the case and did not register the class action as a managed investment scheme.
The ATO is challenging a judge’s decision to allow oil giant Shell Australia $2.2 billion in deductions for the cost of certain exploration activities conducted under an acquisition that increased its stake in Woodside Energy’s Browse Basin gas exploration joint venture project.
A court has dismissed ASIC’s enforcement action against payday lenders Cigno and BHF Solutions, finding the companies did not need a licence to issue loans to hundreds of thousands of consumers.
Two executives of failed car washing franchise Geowash have failed in their attempt to overturn a $2.7 million penalty for overcharging and misleading franchisees, with the Full Court finding they had engaged in “a consistent pattern of conduct which was deceitful and dishonest”.
Mineralogy is seeking declarations that its 2014 financial statements were true and fair in a court case ASIC has called a “collateral attack” on criminal proceedings brought against Clive Palmer over $12 million spent on his political aspirations.
A judge has ordered Noni B owner Mosaic Brands to comply with a request for documents issued by the Australian Communications and Media Authority in relation to potential violations of the Spam Act.
National Australia Bank has urged a court to impose a $15 million penalty for its five-year failure to adequately disclose its adviser fees, and has argued ASIC’s push for a steeper penalty goes too far.
The Australian Securities and Investments Commission’s new chair Joseph Longo has defended his team’s work in reviewing the Nuix prospectus before the embattled tech company’s $2.9 billion float late last year.