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ASIC files first-ever action over whistleblower breaches against TerraCom
Employment 2023-03-01 1:19 pm By Cindy Cameronne

The Australian Securities and Investments Commission has brought its first-ever case alleging breach of whistleblower protections against coal producer TerraCom, claiming it made misleading statements to the market that damaged a whistleblower’s reputation.

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Fitbit says ACCC must show why 45-day refund limit is not reasonable
Competition & Consumer Protection 2023-03-01 4:20 pm By Cindy Cameronne

Google-owned Fitbit has denied ACCC allegations it misled consumers about their rights concerning faulty devices, and has challenged the regulator on its claim that it was obligated to refund customers who did not raise a complaint within 45 days of purchase or shipment.

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First-ever greenwashing case by ASIC targets Mercer Super
Financial Services 2023-02-28 10:28 am By Cindy Cameronne

The Australian Securities and Investments Commission has launched the first-ever civil penalty case for greenwashing, alleging Mercer Superannuation misled investors about the sustainability of its investment options.

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Star accounts for $150M in likely penalties after ASIC ‘raises concerns’
Gaming 2023-02-28 11:47 pm By Christine Caulfield

The corporate regulator voiced concerns with Star Entertainment over its 2022 financial report, which it said made no provision for likely fines faced by the casino operator for lax compliance with money laundering laws.

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ASIC takes Noumi, top executives to court over 2019 financial reports
Securities 2023-02-27 8:44 am By Christine Caulfield

The corporate watchdog has brought action against former Freedom Foods Group and its former CEO and CFO for alleged disclosure breaches relating to inventory values in its 2019 financial reports.

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Aussie Skips, CEO plead guilty in criminal cartel case
Competition & Consumer Protection 2023-02-27 1:19 pm By Sam Matthews

Aussie Skips and CEO Emmanuel Roussakis have pleaded guilty to price fixing over the supply of skip bins and demolition waste services in Sydney.

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ASIC alleges RACQ misled customers about insurance discounts
Insurance 2023-02-24 2:39 pm By Sam Matthews

The Australian Securities and Investments Commission has instituted court proceedings against the insurance arm of Queensland’s peak motoring body alleging it misled customers about their entitlement to discounts on a range of insurance products.

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ACCC loses appeal in ‘fanciful’ NSW Ports competition case
Competition & Consumer Protection 2023-02-23 1:23 pm By Cindy Cameronne

The Australian Competition and Consumer Commission has lost its challenge to a decision that tossed its case alleging NSW Ports stymied competition when it signed a 50-year agreement with the state to privatise two ports. 

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ClearLoans hit with $6M penalty in ASIC’s first COVID-19 case
COVID-19 2023-02-23 4:05 pm By Cat Fredenburgh

Personal lender ClearLoans and its parent company have been hit with $6 million in penalties for violating consumer credit protections laws, including by failing to respond to financial hardship notices from debtors during the height of the COVID-19 pandemic.

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Broker loses appeal of 2014 banning order, again
Appeals 2023-02-21 3:11 pm By Cindy Cameronne

A mortgage broker has lost his challenge to a tribunal’s decision to uphold a lifelong ban by the Australian Securities and Investments Commission.

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