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Dover ignored lawyers’ warnings about ‘misleading’ client policy, court hears
Financial Services 2020-06-01 5:12 pm By Miklos Bolza

Former Dover Financial director Terry McMaster on Monday admitted to personally drafting a so-called client protection policy described by a judge as an “exercise in Orwellian doublespeak”, as the court heard evidence that the defunct financial firm ignored red flags raised by two law firms about the policy.

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ACCC steps up probe of Qantas’ Alliance stake amid uncertainty for airlines
Competition & Consumer Protection 2020-06-01 12:11 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission said competition by smaller airlines was essential ‘now, more than ever’ as the airline industry undergoes a major upheaval due to the coronavirus and the administration of Virgin Airlines, and vowed to continue its probe of Qantas’ 19.9 per cent stake in Alliance Airlines.

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‘A significant imbalance’: Bendigo and Adelaide Bank loan contracts unfair, court finds
Financial Services 2020-05-29 6:01 pm By Miklos Bolza

The Federal Court has granted ASIC a legal win against Bendigo and Adelaide Bank, finding that its small business loan contracts were unfair and created a “significant imbalance” that was likely to detriment customers.

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Criminal charges ‘on the cards’ for WA businessman Chris Marco, court told
White Collar 2020-05-27 9:52 pm By Christine Caulfield

Accepting that criminal proceedings were “on the cards” for accused Ponzi schemer Chris Marco, a judge has ordered the appointment of receivers to his assets and those of his company, AMS Holdings, saying there was a strong need for an independent assessment of the investment activities of the WA businessman.

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Judge rejects GetSwift’s latest push to delay ASIC trial for a year
Securities 2020-05-21 9:43 pm By Christine Caulfield

Logistics company GetSwift and its directors have failed in a bid for a year-long delay of a trial scheduled to start next month in ASIC’s case alleging breaches of the Corporations Act, despite arguing that the procedural unfairness of a remote hearing gave the regulator a leg-up over the US-based company.

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ACCC’s Rod Sims promises enforcement ramp up after litigation dry spell
Competition & Consumer Protection 2020-05-21 8:35 pm By Alison Eveleigh

A five-month litigation drought due to the difficulties of remote investigations and staff diversions during the coronavirus pandemic will end soon, ACCC chairman Rod Sims told Lawyerly, with enforcement action set to ramp back up in the second half of the year.

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ACCC can’t stop Garuda appeal despite unpaid $19M penalty
Competition & Consumer Protection 2020-05-21 12:53 pm By Miklos Bolza

The ACCC has lost its bid to stay a cartel appeal by Indonesian airline PT Garuda, with a judge finding the competition watchdog had not shown the airline acted in contempt of court by failing to pay a $19 million fine.

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Full Court to hear Cigno challenge to ASIC ban on short-term credit lending
Appeals 2020-05-20 12:07 pm By Cat Fredenburgh

Cigno has appealed a ruling shooting down its challenge to the first action brought by ASIC under its powers to prohibit ‘predatory’ financial products, which targeted the payday lender’s model of short-term credit lending.

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Court suppresses details of Grosvenor, Vannin co-funding agreement
Competition & Consumer Protection 2020-05-18 4:16 pm By Miklos Bolza

A court has granted a request from Grosvenor Litigation Services, the funder that backed two class actions against Volkswagen over its emissions cheating scandal, to suppress the details of a co-funding agreement with Vannin Capital.

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ACCC can submit evidence from BlueScope criminal investigation in civil case
Competition & Consumer Protection 2020-05-15 11:25 pm By Alison Eveleigh

The ACCC has been given the green light to use witness statements prepared during its criminal cartel investigation of BlueScope Steel in the civil penalty proceedings launched by the regulator, but a fight with the steel giant over the admissibility of the evidence still looms.

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