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The ACCC has secured a misuse of market power declaration against Tasmanian government-owned TasPorts in the regulator's first action under amended competition laws, but the ports company will not pay a penalty as part of an agreement to resolve the case.
Westpac has been accused by the corporate regulator of insider trading before the $16 billion privatisation of electricity provider Ausgrid.
AUSTRAC has taken enforcement action against military lender Australian Military Bank after accusing the bank of violating anti-money laundering, counter-terrorism finance laws.
Telstra has been hit with a $1.5 million fine from the the Australian Communications and Media Authority for dropping its number porting service during the first COVID-19 wave last year, leaving 42,000 customers unable to transfer their numbers away from or to new providers.
A judge has hit caravan manufacturer Jayco with a $75,000 penalty in proceedings launched by the ACCC, finding the company made a false or misleading representation to a customer about their consumer guarantee rights.
ASIC has won a $20 million judgment against derivative trader Forex CT for using “unfair” sales tactics and misleading clients into making trades from which the company would benefit even when they had informed their adviser they had limited financial resources.
UK-based Woodsford Litigation Funding has become the first overseas funder authorised to finance Australian class actions under recent laws cracking down on the litigation funding industry.
A judge has imposed a $1.9 million penalty against Megasave Couriers after the delivery company was found to have misled franchisees with false promises of guaranteed minimum weekly payments and annual income.
A Herbert Smith Freehills lawyer and former Deutsche Bank general counsel who previously led ASIC's litigation and enforcement team has been appointed to replace the corporate regulator's outgoing chair James Shipton.
The Commonwealth Bank of Australia is resisting a novel proposal by ASIC to use its CommBank app to notify 6.3 million customers of a $7 million fine against it for overcharging interest, saying the move would pose a "significant risk" to the public.