Regulators

A judge has ordered Sydney coffee shop chain 85 Degrees to pay a $1.44 million penalty for underpayments by its franchisees, saying it cannot be seen as acceptable for franchisors to “turn a blind eye” to contraventions by franchisees. 

The Australian Energy Regulator has secured a $2.75 million penalty in a case against oil and gas company Santos alleging record-keeping failures in breach of the National Gas Rules. 

ASIC has argued a recent ruling that found Noumi waived privilege over a PwC report by providing it to the regulator could dissuade people from voluntarily disclosing information during investigations and cause a “loss of public benefit” if allowed to stand. 

The Fair Work Commission has found in favour of a union in its bid to keep an email containing legal advice confidential amid a stoush with Peabody Energy and other mining companies over a proposed multi-enterprise agreement. 

Two units of insurer IAG have been hit with a class action for allegedly misleading hundreds of thousands of home owners insurance customers about loyalty discounts.

Legal representatives for a company that dobs in fellow cartel members will not generally be permitted in the room when the competition regulator interviews directors, employees and others seeking derivative immunity from prosecution, under proposed amendments to the ACCC’s immunity policy.

Noumi and ASIC are challenging a finding that the food manufacturer waived legal professional privilege over a PricewaterhouseCoopers report commissioned by its lawyers at Ashurst by disclosing the report during an ASIC investigation.

The Australian Prudential Regulation Authority has slapped additional licence conditions on Mercer Superannuation after the prudential regulator identified deficiencies in risk and compliance management by the trustee, which oversees a super fund holding $70 billion of members’ money.

The Australian Securities and Investments Commission has prevailed in its case against payday lenders Cigno and BSF Solutions alleging they provided credit without a licence, with a judge rejecting their argument that their loan model was analogous to buy now, pay later arrangements that don’t require a credit licence.

A former Ord Minnett executive has taken the wealth management firm to court alleging he was sacked for complaining about a $110,000 cut in his pay imposed after the corporate regulator slapped the firm with a $880,000 penalty for breaching market integrity rules.