A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.
The Australian Taxation Office has successfully appealed a Federal Court decision finding it could not recover an R&D tax offset refund of around $2.3 million paid to Auctus Resources despite the payment being made by mistake and the mining company admitting it was not entitled to the money.
A judge has handed ASIC a victory in finding that investment group Mayfair 101 misled investors about the level of risk of its financial products, a ruling that will expose the group to pecuniary penalties at a time when a number of its entities have been wound up.
The Full Federal Court has ruled that unconscionable conduct under the Australian Consumer Law is not confined to exploitation of vulnerable parties, in an “extremely significant” judgment that will extend the reach of the unconscionable conduct provisions and protect a wider swathe of consumers.
Peters Ice Cream has denied claims by the ACCC that it signed an agreement for the exclusive distribution of its single serve ice creams to service stations and convenience stores in order to ice competitors out of the market, saying competitors had many options for serving up their frozen treats to ice cream lovers.
Whistleblower JPMorgan can’t be a witness in a criminal cartel case over a $2.5 billion ANZ share placement that has ensnared several investment banks and top executives and claim privilege over witness statements relevant to the case, a court has heard.
The Acting Attorney-General has made two appointments to the Federal Court, including the barrister representing ASIC in its high-stakes cases against Rio Tinto and GetSwift.
The director of now defunct foreign exchange and derivative trader Forex Capital Trading has been banned from providing financial services for 10 years after ASIC found he had a serious lack of regard for compliance while overseeing the firm’s Wolf of Wall Street-esque trading floor culture.
The High Court will weigh in on a dispute between the Port of Newcastle and mining giant Glencore over access charges to shipping channels used to export coal from the Hunter Valley.
Australia’s two largest funeral home companies owned by ASX-traded Propel Funeral Partners have been hit with penalties for representing to consumers that they were locally owned.