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ANZ wants to know if ACCC pressured ASIC to drop JP Morgan case
Competition & Consumer Protection 2020-01-30 9:00 pm By Miklos Bolza

ANZ is seeking information on whether the ACCC put pressure on ASIC to not pursue proceedings against JP Morgan over a $2.5 billion share placement that is at the centre of a closely watched criminal cartel case, saying the matter raised a “serious question” about potential abuse of power by the regulators.

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ACCC finds Barro stake in Adelaide Brighton won’t harm competition
Competition & Consumer Protection 2020-01-30 4:05 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has found Barro Group’s 43 per cent stake in Adelaide Brighton, acquired over a number of years, will not harm competition in the cement market.

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Westpac to face US class action over AUSTRAC scandal
Class Actions 2020-01-30 3:10 pm By Cat Fredenburgh

A US-based plaintiffs firm is planning a class action against Westpac alleging it failed to alert investors to significant lapses in its anti-money laundering and counter-terrorism finance compliance, which led to a bombshell lawsuit by AUSTRAC last year.

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Mazda to ACCC: We don’t have to replace dented, scratched up cars
Competition & Consumer Protection 2020-01-29 4:41 pm By Cat Fredenburgh

Japanese car maker Mazda has replied to an ACCC action alleging it violated the Australian Consumer Law by failing to provide consumers with refunds or no-cost replacements for their allegedly faulty vehicles, saying it was not required to replace dented and scratched cars.

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‘Bad publicity’ no reason to stay ASIC ban of ex-NAB adviser, tribunal says
Financial Services 2020-01-29 4:27 pm By Miklos Bolza

A former Adelaide financial advisor that worked for a subsidiary of National Australia Bank has lost his bid for a temporary stay of a five-year ban for allegedly recommending that clients invest in failed fintech start-up Bux Global, after arguing the bad publicity could negatively affect the impending sale of his business.

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ISignthis may face shareholder class action over profit downgrade
Class Actions 2020-01-29 1:10 pm By Cat Fredenburgh

Melbourne-based fintech ISignthis and its directors are facing a possible shareholder class action over a December profit downgrade.

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ACCC probes price fixing in NSW waste sector
Competition & Consumer Protection 2020-01-28 3:34 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has opened a sector-wide investigation into price changes made last year in the building and demolition waste services market in New South Wales.

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Former director of internet company gets 6 years in jail for fraud
White Collar 2020-01-24 9:50 pm By Cat Fredenburgh

The former director of a Queensland-based internet services provider has been sentenced to six years in jail after pleading guilty to fraud charges.

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ASIC takes further action against company that ran ‘defective’ Sterling property investment scheme
Financial Services 2020-01-24 1:55 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has suspended the Australian Financial Services licence of a Sydney-based financial services provider that ran a property investment scheme targeting retirees, which the regulator has accused of issuing ‘defective’ product disclosure statements.

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STA Travel makes admissions in ACCC case over hidden fees
Competition & Consumer Protection 2020-01-23 10:18 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission’s case alleging STA Travel hit customers with $1 million in hidden fees and commissions through an add-on that purported to cover the cost of flight changes will go straight to a penalties hearing after the student travel agent made admissions.

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