A judge has reluctantly hit Westpac with a $1.8 million penalty after the bank admitted to unconscionable conduct when trading on the morning of a $16 billion deal to privatise electricity provider Ausgrid, saying it was the maximum fine allowed under the relevant law.
Expect more legal battles this year over the right to work from home, with employees continuing to demand flexibility but businesses starting to push back, according to legal experts.
The Australian Competition and Consumer Commission will conduct a one-year inquiry into supermarket pricing and competition amid concerns by consumers.
A former wealth manager faces action by the corporate regulator for contempt of court after he allegedly breached a court order banning him from involvement in financial services.
Two former directors of a Canberra property development group have lost their bid to bar ASIC from announcing their disqualification, with a tribunal finding this would keep financiers and creditors “in the dark” and make the market less transparent.
An e-commerce company did not have a valid reason for dismissing an employee who worked from home on a mandatory in-office day and must pay him $26,496 in compensation, the Fair Work Commission has found.
A former company secretary of defunct mining and exploration company Continental Coal has pleaded guilty to three criminal charges, including stealing $2.2 million and forging a bank statement.
The Australian Securities and Investments Commission has handed Queensland investment firm Penta Capital a $53,280 fine for allegedly making false statements on its website, including that it managed $6.9 billion on behalf of retail, wholesale and institutional clients.
The Australian Law Reform Commission has recommended extensive reforms to the “confusing maze” that is the Corporations Act, including the creation of a standalone financial services law.
The Australian Communications and Media Authority has hit teleco Medion Australia with a $259,440 penalty for allegedly failing to verify customer identity, claiming it caused several people to fall victim to SIM-swap scams.