Retail broker Openmarkets has paid the largest ever penalty handed down by ASIC’s markets disciplinary panel, with the regulator also banning its former trading head for three years.
The Australian Competition and Consumer Commission has brought proceedings against carpark operator Secure Parking, claiming its duped customers in major cities with its misleading car reservation service.
Select AFSL, its related entities and its director have been slapped with $13.6 million in penalties after a judge found that the life insurer used unconscionable phone sales tactics to “wear down” often vulnerable consumers, including migrants and Indigenous communities.
The government of Peru has appealed a ruling that rejected its bid to trade mark the alcoholic spirit pisco, after an IP Australia delegate found Aussie consumers think of more than Peruvian pisco when they see the name.
A court has imposed a $40 million penalty on Insurance Australia Limited in a case by the corporate regulator alleging NRMA customers were not paid $60 million in promised loyalty discounts.
A self-represented litigant locked in a legal battle with the ATO and Commonwealth Director of Public Prosecutions has won an appeal of a decision that set aside nine subpoenas she issued, including one to the Assistant Director of the CDPP, with the appeals court finding that the relevance of the evidence sought was enough to satisfy the application.
Executives of collapsed Bruck Textile Technologies have been committed to stand trial on charges alleging they schemed their way out of making more than $3 million in redundancy payments to their 58 employees.
The Australian Competition and Consumer Commission has expressed concerns that Transurban’s plan to acquire a majority stake in fellow toll road operator Horizon Roads will hinder competition for future toll road projects.
The Australian Prudential Regulation Authority has raised Medibank’s capital adequacy requirement by $250 million, following last year’s cyber attack against the private health insurer, which exposed the personal details of 10 million customers.
Queensland lender SunshineLoans has lost its second bid for the Full Court to decide whether ASIC has the power to bring civil penalty proceedings for violations of the Credit Code, with a judge finding its arguments were not strong enough to vacate an upcoming trial.