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Funder of failed competing class action wants cut of $16M Dixon Advisory settlement
Class Actions 2024-04-03 4:53 pm By Cindy Cameronne

A funder that bankrolled a class action that was stayed against Dixon Advisory has argued it should receive $969,000 from a $16 million settlement reached in the competing proceedings that went ahead, saying its costs were spent to protect group members’ interests.

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Ultra Tune appeals record $1.5M fine for contempt
Competition & Consumer Protection 2024-04-02 11:27 pm By Cat Fredenburgh

Car repair franchise Ultra Tune is challenging a record $1.5 million fine for contempt for failing to comply with a court-ordered compliance program in proceedings brought by the Australian Competition and Consumer Commission.

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HSBC pays $33,000 fine for alleged breaches of Consumer Data Right
Competition & Consumer Protection 2024-04-02 10:15 pm By Cat Fredenburgh

British bank HSBC has been stung with $33,000 in penalties for alleged violations of rules designed to increase transparency and competition in the banking sector.

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ASIC wins greenwashing case against Vanguard over $1B fund
Securities 2024-03-28 4:15 pm By Cindy Cameronne

The Australian Securities and Investments Commission has won its first civil penalty proceeding in a greenwashing case, with a court finding against Vanguard Investments over its $1 billion “ethically conscious” hedge fund.

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Jan Cameron fined $8,000 for failing to disclose interest in Bellamy’s
White Collar 2024-03-28 10:32 pm By Cat Fredenburgh

Former Bellamy’s Australia director Jan Cameron has been fined $8,000 after being found guilty of two counts of breaching the Corporations Act for failing to disclose her stake in the baby formula company. 

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ACCC review puts the kibosh on REA Group’s acquisition plans
Competition & Consumer Protection 2024-03-28 2:56 pm By Cat Fredenburgh

The owner of realestate.com.au has dropped its plan to acquire a national forms platform used by real estate agents, after the Australian Competition and Consumer Commission commenced a review of the deal off its own bat and raised competition concerns.

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Senate report blasts PwC’s ‘cover-up’ of tax leaks scandal
Tax 2024-03-27 11:02 pm By Cat Fredenburgh

A Senate committee has slammed PricewaterhouseCoopers for hiding behind legal professional privilege and refusing to release a report by law firm Linklaters into alleged wrongdoing by international partners, as the committee seeks more information about PwC partners involved in the firm’s leak of confidential Treasury information.

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Liberty Group’s ‘trust silo’ not used to avoid tax on $98M, appeals court finds
Tax 2024-03-27 10:28 pm By Cindy Cameronne

In a loss for the Australian Taxation Office, an appeals court has found that the Liberty Group’s use of corporate and trust ‘silos’ was not an unlawful tax avoidance scheme.

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Perth adviser jailed for insider trading in Genesis Minerals shares
Securities 2024-03-27 3:34 pm By Sam Matthews

A former corporate adviser will spend at least nine months in jail after pleading guilty to trading in Genesis Minerals shares in September 2021 with insider knowledge, netting almost $60,000 in profits. 

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Former EY partner tries again to keep identity under lid in tax case
Tax 2024-03-25 11:04 pm By Cat Fredenburgh

A former EY partner is trying again to keep their identity secret in proceedings brought by the Tax Office alleging they promoted tax exploitation schemes.

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