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ASIC declined to take action on class action funding arrangement, inquiry told
Class Actions 2020-07-15 6:50 pm By Alison Eveleigh

The corporate watchdog would not take action on funding terms in a Fair Work class action brought by Adero Law, after receiving reports of potential misleading or deceptive conduct by the law firm and the funder backing the case, according to submissions made in the government’s latest inquiry into litigation funding and class actions.

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Former Sydney liquidator faces charges she misappropriated $240,000
Restructuring & Insolvency 2020-07-15 6:02 pm By Alison Eveleigh

A former Sydney liquidator has been charged with dishonesty offences and faces possible jail time after allegedly misappropriating almost $240,000 from company bank accounts.

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ASIC wins appeal of ruling overturning life ban against financial adviser
Financial Services 2020-07-14 7:00 pm By Christine Caulfield

The Australian Securities and Investments Commission has won its challenge to a tribunal ruling that overturned a permanant ban imposed on a RI Advice Group authorised financial planner who double charged his clients.

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ACCC greenlights acquisition of Bayer’s animal health business
Competition & Consumer Protection 2020-07-09 7:33 pm By Alison Eveleigh

The Australian Competition and Consumer Commission will not oppose the acquisition of global pharmaceutical giant Bayer’s animal health business by competitor Elanco, after the company agreed to divest certain brands to allay competition concerns.

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CBA won’t hand over docs to class action without AUSTRAC’s blessing
Class Actions 2020-07-08 9:24 pm By Miklos Bolza

The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency’s approval.

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Special purpose liquidators appointed by judge to investigate claims against Phoenix directors
Restructuring & Insolvency 2020-07-08 7:12 pm By Miklos Bolza

A judge has appointed special purpose liquidators to investigate the affairs of failed VET provider Phoenix Institute and its directors after the Commonwealth complained of “a difficult working relationship” with the training company’s current liquidators.

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ACCC appeals ruling that unconscionable conduct requires victims to have special disadvantage
Competition & Consumer Protection 2020-07-08 6:15 pm By Christine Caulfield

The ACCC is challenging a ruling that dismissed the watchdog’s claim that property investment company Quantum Housing Group engaged in unconscionable conduct in misleading investors in the National Rental Affordability Scheme, saying the legal test for finding unconsionability under the consumer law needed clarifying.

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ACCC claims Freedom Furniture misled consumers about refund rights
Competition & Consumer Protection 2020-07-07 6:00 pm By Cat Fredenburgh

Freedom Furniture has paid penalties of $25,200 after being hit with two infringement notices by the Australian Competition and Consumer Commission for allegedly misleading customers about their consumer guarantee rights.

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‘The scheme has failed’: Court appoints provisional liquidators to Mayfair’s IPO Wealth
Financial Services 2020-07-02 12:46 pm By Miklos Bolza

A court has appointed provisional liquidators to the IPO Wealth Group, rejecting claims by the firm’s sole director that the move would severely damage his reputation and that of the wider Mayfair group.

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Woolworths pays record $1M fine to watchdog for ‘inexcusable’ spam law breaches
Retail 2020-07-02 10:26 am By Christine Caulfield

Supermarket giant Woolworths has been hit with a $1 million infringement notice from the Australian Communications and Media Authority for what the regulator called “significant breaches” of spam laws.

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