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Payday lender Cigno loses challenge to ASIC ban on short-term credit lending
Financial Services 2020-04-15 3:20 pm By Christine Caulfield

Payday lender Cigno has lost a challenge to the corporate regulator’s first action under powers to prohibit ‘predatory’ financial products that targeted its model of short-term credit lending.

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Judge ‘pleasantly surprised’ by virtual trials, refuses to delay GetSwift hearing
Trials 2020-04-09 8:07 pm By Alison Eveleigh

A judge has refused to delay a civil penalty hearing brought by ASIC against GetSwift, scheduled to begin in June, after the logistics company argued that the virtual hearing necessitated by the COVID-19 pandemic would be prejudicial and the proceedings should be adjourned.

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ASIC brings action against Mayfair 101 for ‘misleading’ advertising
Financial Services 2020-04-06 10:15 pm By Christine Caulfield

The Australian Securities and Investments Commission has launched proceedings against investment firm Mayfair 101 Group and Mayfair Platinum accusing them of misleading advertising.

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Directors look to shut down COVID-related shareholder class actions
Class Actions 2020-04-06 10:34 am By Cat Fredenburgh

The Australian Institute of Company Directors is calling on the Federal Government to bar lawsuits over coronavirus-related disclosures, including class actions, but some lawyers warned the proposal would leave companies free to mislead and deceive shareholders.

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ACCC was unreasonable to pursue cartel appeal, Cussons says
Competition & Consumer Protection 2020-04-03 9:54 pm By Miklos Bolza

Personal healthcare giant PZ Cussons is seeking indemnity costs from the ACCC, claiming the regulator unreasonably rejected a settlement offer in its case over an alleged laundry detergent cartel.

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Real estate agents in ASIC’s crosshairs over super advice to tenants
Financial Services 2020-04-03 9:45 pm By Cat Fredenburgh

Real estate agents advising tenants who may be unable to pay their rent to draw down their superannuation have raised the ire of the Australian Securities and Investments Commission, which warned they could be violating the Corporations Act.

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Court orders winding up of Merlin Diamonds after ‘serious contraventions’ unearthed
Restructuring & Insolvency 2020-04-01 5:02 pm By Cat Fredenburgh

A judge has ordered that Joseph ‘Diamond Joe’ Gutnik’s Merlin Diamonds be wound up after the mining company’s provisional liquidators uncovered “serious contraventions” and a “serious failure of governance”.

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Barristers to robe up at home for trial by videochat in ACCC case against Kogan
Competition & Consumer Protection 2020-04-01 11:44 am By Miklos Bolza

Barristers for the ACCC and online retailer Kogan have been asked to robe up at home as the previously in-person trial shifts to videochat in response to the COVID-19 health crisis.

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Over and out: Chief Justice says protocol needed to prevent overtalking in virtual trials
Insurance 2020-03-31 4:20 pm By Miklos Bolza

The Chief Justice of the Federal Court says a system is needed to ensure parties don’t interrupt one another during virtual hearings, and noted the increase in online hearings brought on by the coronavirus may also free judges up to hear cases outside their registries.

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ACCC approves Bunnings’ takeover of Adelaide Tools
Competition & Consumer Protection 2020-03-31 2:25 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has found Bunnings’ $30 million takeover of Adelaide Tools and Oaklands Mower Centre would not substantially lessen competition, but warned it would closely scrutinise future moves that would further cement the hardware giant’s dominant position.

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