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ASIC loses novel case against Zurich over claims handling
Insurance 2023-12-21 3:56 pm By Cindy Cameronne

In a victory for Zurich Australia, the Australian Securities and Investments Commission has lost its first-ever civil penalty case alleging an insurer failed to act with utmost good faith during claims handling.

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Airbnb to pay $15M penalty for displaying prices in US dollars
ACCC 2023-12-20 12:53 pm By Sam Matthews

A judge has hit Airbnb with a $15 million penalty for misleading Australian consumers by displaying accommodation prices in US dollars, on top a $15 million consumer redress scheme the vacation rental giant has implemented.

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ACCC warns of higher prices, weakened competition in push for merger reform
Policy and Regulation 2023-12-20 10:21 pm By Sam Matthews

The Australian Competition and Consumer Commission has renewed its calls for the government to adopt its proposed reforms to the merger regime, warning that consumers and businesses will pay the price for continuing anti-competitive mergers which enable parties to engage in “legal brinkmanship” with the regulator.

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Banned financial adviser faces charges of giving misleading information to ASIC
White Collar 2023-12-18 11:03 pm By Cat Fredenburgh

A now-banned financial adviser has been hit with two charges of providing misleading information to the corporate regulator during a compulsory examination.

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Honda cops $6M penalty for misleading customers about dealerships
Competition & Consumer Protection 2023-12-15 10:22 pm By Cat Fredenburgh

Honda Australia has been hit with a $6 million penalty for misleading communications made to customers of three dealerships during a restructuring in which the car maker’s shuttered its independent dealer network in favour of an agency model.

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ACCC blocks ACL’s proposed $1.5B Healius takeover, as offer taken off table
Corporate 2023-12-15 10:30 am By Christine Caulfield

Despite proposing a divestiture as part of its planned takeover of Healius, Australian Clinical Labs has failed to win the approval of the competition regulator for the $1.5 billion deal.

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ASIC takes stockbroker Adam Blumenthal to court for alleged market rigging, breaches of duty
Financial Services 2023-12-15 11:35 pm By Cat Fredenburgh

The corporate regulator has brought proceedings against EverBlu Capital and Creso Pharma director Adam Blumenthal, alleging market rigging and breaches of duty, and has accepted an undertaking by the stockbroker that he will quit his involvement in financial services for the next five years.

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Jan Cameron found guilty of failing to disclose interest in Bellamy’s
White Collar 2023-12-15 10:43 pm By Sam Matthews

Former Bellamy’s Australia director Jan Cameron has been found guilty of two counts of breaching the Corporations Act, following an investigation by the corporate regulator over her failure to disclose her stake in the baby formula company. 

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Airbnb should pay $30M over misleading accommodation prices, ACCC says
Competition & Consumer Protection 2023-12-14 3:45 pm By Sam Matthews

The consumer watchdog has asked a court to impose a $15 million penalty against Airbnb in addition to a $15 million consumer redress scheme, in a case alleging the vacation rental giant misled Australian consumers by displaying prices in  US dollars. 

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ACCC blesses $1.15B Viva Energy, OTR tie-up with divestitures
Competition & Consumer Protection 2023-12-14 10:46 pm By Cat Fredenburgh

The ACCC has signed off on Viva Energy’s $1.15 billion acquisition of South Australia-based convenience store chain On The Run Group, after it agreed to divest 25 Coles Express sites in the state.

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