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$23.6M Vocation class action bill might have been ‘materially lower’, judge says
Class Actions 2021-07-23 11:09 pm By Cat Fredenburgh

A judge has approved a $50 million settlement in a shareholder class action against failed training company Vocation and auditor PricewaterhouseCoopers, but questioned whether the $10.9 million commission and $12.75 million legal bill could have been “materially lower” had the case been run by one funder and firm instead of two.

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Instagoods takes trade mark fight with Instagram to Federal Court
Intellectual Property 2021-07-08 3:49 pm By Cat Fredenburgh

Retail tech and dating start-up Instagoods has appealed a successful challenge of its Instadate trade mark registration by social media giant Instagram.

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ASIC case over US Navy program ignores disclosure rule exceptions, Austal CEO tells court
ASIC 2021-07-08 3:13 pm By Christine Caulfield

The former boss of defence shipbuilder Austal, who is facing penalty proceedings by ASIC, has told a court the regulator’s case was based on information that fit within a carveout to the ASX listing rules on continuous dislosure to the market.

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Telstra to refund customers $25M over NBN speed claims
Telecommunications 2021-07-07 6:49 pm By Bianca Hrovat

Telecommunications giant Telstra will provide $25 million in refunds to almost 50,000 customers after failing to inform them the speeds they were promised could not be obtained on the NBN.

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CDPP sent back to the drawing board to address ‘defects’ in ANZ cartel case
Competition & Consumer Protection 2021-07-07 6:24 pm By Miklos Bolza

A judge has ordered the Commonwealth Director of Public Prosecutions to file a replacement indictment to address defects in the document at the centre of its criminal cartel case over a $2.5 billion ANZ share placement in August 2015.

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Binary options broker faces class action investigation
Class Actions 2021-07-07 6:11 pm By Cindy Cameronne

A Sydney-based broker is facing a class action investigation on behalf of customers who bought binary options over a six-year period, after the Australian Securities and Investments Commission banned the risky derivatives earlier this year after finding they were likely to cause “significant detriment”.

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Forum Finance boss headed back to Australia to face $263M fraud claims, court hears
Financial Services 2021-07-07 4:51 pm By Cat Fredenburgh

The director of Forum Finance, which has been accused by Westpac and Societe Generale of a $263 million fraud, is in Europe and will return to Australia over the weekend, although he has refused to tell his lawyer his exact location, a court has heard.

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Halifax auditor pleads guilty to criminal charges over auditing breaches
Accounting 2021-07-07 9:29 am By Cat Fredenburgh

The auditor of stockbroker Halifax Investment Services, whose 2008 collapse left around $200 million in client funds trapped, has pleaded guilty to the first criminal charges brought over auditing services in Australia.

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HWL Ebsworth avoids hit from $263M Forum Finance scandal
Financial Services 2021-07-06 9:48 pm By Miklos Bolza

Law firm HWL Ebsworth says it has avoided any negative financial impact from its connection with Sydney financial firm Forum Finance, which has been accused by Westpac of a $263 million fraud.

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Facebook says ACCC’s data collection allegations ‘overstated’
Competition & Consumer Protection 2021-07-06 11:52 am By Miklos Bolza

Facebook has accused the Australian Competition and Consumer Commission of overstating the amount of data it collected on users through its discontinued Onavo Protect mobile app, and says the collection was allowed under its terms of service.

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