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HealthEngine urges approval of $2.9M fine, says it didn’t know altering reviews was unlawful
Competition & Consumer Protection 2020-08-10 12:05 pm By Miklos Bolza

Health booking company HealthEngine has urged the court to accept a $2.9 million penalty for deleting and altering unfavourable reviews, telling a judge that it did not know the behaviour was against the law.

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High Court won’t hear appeal by ex-Storm Financial directors
Appeals 2020-08-07 9:34 pm By Christine Caulfield

The High Court has denied a special leave application by the former directors of defunct financial advisory Storm Financial, after the Full Federal Court upheld a ruling finding they had breached their duties to eleven vulnerable investors by providing an inappropriate, one-size-fits-all model of investment advice.

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Fonterra may bring counter-claims in class action over milk prices
Class Actions 2020-08-07 5:18 pm By Miklos Bolza

Fonterra could bring counter-claims against dairy farmers that brought a class action alleging they were unpaid when the company slashed milk prices in 2016, a court has heard, after debt recovery proceedings by Fonterra against the lead applicants were joined with the class action.

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ASIC spent $1.8M on failed Westpac responsible lending case
Financial Services 2020-08-07 4:56 pm By Miklos Bolza

The Australian Securities and Investments Commission spent over $1.8 million in taxpayer funds investigating and prosecuting its now failed responsible lending case against Westpac.

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BNY Mellon unit convicted in first criminal case over handling of client money
White Collar 2020-08-05 10:32 pm By Cat Fredenburgh

Bank of New York Mellon unit Pershing has become the first company in Australia to be convicted of criminal charges for breaching regulations requiring AFSL licensees to keep client money in separate bank accounts.

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ASIC sets sights on AMP, with more than 5 new cases expected this year
Financial Services 2020-08-05 6:09 pm By Alison Eveleigh

The Australian Securities and Investments Commission has told a parliamentary committee that it plans to bring more than five court proceedings against AMP before the end of the year and has referred a number of investigations into the financial services giant for possible criminal prosecution.

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ACCC takes Sumo Power to court for alleged pricing bait and switch
Competition & Consumer Protection 2020-08-05 1:21 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has initiated proceedings against Victorian electric utility Sumo Power for allegedly luring customers with the promise of discounts and low rates only to jack up their prices months later.

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Former financial adviser gets six years in jail for $1.86M Ponzi scheme
White Collar 2020-08-04 4:14 pm By Christine Caulfield

Former financial adviser Graeme Miller has been jailed for six years after pleading guilty to misappropriating $1.865 million in client funds in what a judge described as a “cruel and deceitful betrayal”.

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Google, Facebook face fines of at least $10M for breaches of ACCC media bargaining code
Media 2020-07-31 12:55 pm By Christine Caulfield

Google and Facebook will face penalties of at least $10 million for breaches of a media bargaining code drafted by the ACCC that aims to create a “level playing field” between Australian media companies and the tech giants.

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ASIC scores ‘narrow’ win in case against ex-Tennis Australia director
ASIC 2020-07-31 12:43 pm By Miklos Bolza

A judge has handed ASIC a “narrow” win in its action against former Tennis Australia director Harold Mitchell, tossing most of the regulator’s case and accusing it of “confirmatory bias”.

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