Proceedings launched by ASIC in December accusing the Commonwealth Bank of Australia of saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions will move swiftly to a penalties hearing.
Jailed con artist Douglas Johnston, who was convicted of defrauding investors of $815,000 in 2019, has successfully appealed three of nine dishonesty charges, with a judge finding that depositional evidence from two witnesses should have been discounted.
The Australian Competition and Consumer Commission has raised preliminary competition concerns about accounting software provider MYOB’s proposal to swallow up cloud practice management software provider GreatSoft, saying the South Africa-based company has the potential to become a strong competitor to MYOB as more accounting firms migrate to the cloud.
A former Freedom Foods group general counsel is seeking aggravated damages from the food and beverage manufacturer for claiming in court filings that she was fired for serious misconduct.
London is in a “complete state of chaos” and no amount of pressing by law firm Moray & Agnew has produced an answer from underwriters about the extent of his insurance coverage, former Linchpin Capital Group CEO Peter Daly has said in a three-paragraph defence to disqualification proceedings by the corporate regulator.
Uber has dragged an Australian IT services company to court after failing to win removal of the company’s ‘Uber Geeks’ trade mark for its home-visiting technician services.
Westpac has hit back at a class action accusing it of colluding with car dealers on a “shonky” car loan scheme that allowed them to hike up interest rates to earn higher commissions, saying consumers could have shopped around for a better deal.
A judge has ordered ASIC to enter mediation before heading into a “very expensive” trial with an IOOF subsidiary accused of giving shonky advice, over objections from the regulator that mediation would be “completely futile”.
A judge has approved a $9.5 million settlement in a class action against McMillan Shakespeare as fair and reasonable, allowing a common fund order and a nearly 30 percent commission for the litigation funder despite previously raising “real concerns” about the small portion flowing to group members.
Norwegian shipping company Wallenius Wilhlmsen Ocean has been fined $24 million for conspiring to fix the rates charged for shipping vehicles to Australia, bringing the total fines won by the ACCC over the shipping cartel to $83.5 million.