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High Court won’t hear broker’s case over 2014 ban for second time
Financial Services 2023-06-15 5:53 pm By Christine Caulfield

The High Court has rejected an appeal by a mortgage broker in a saga stretching back a decade, when the corporate regulator imposed a lifelong ban against the broker for failing to disclose a conviction on his credit licence application.

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Facebook agrees to $20M penalty in ACCC case over data privacy app
Competition & Consumer Protection 2023-06-14 11:37 pm By Gareth Baker

Facebook has agreed to pay a $20 million penalty for misleading consumers by representing that its discontinued Onavo Protect mobile app would keep users’ personal activity data private, when in fact it was being collected for commercial use.

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L’Oreal loses rights to use Elvive trade mark for beauty products
Intellectual Property 2023-06-13 6:00 pm By Gareth Baker

Skincare giant L’Oreal has lost the rights to use a 23-year-old trade mark for branding some of its products, after a competitor successfully campaigned IP Australia to strike it from the register for non-use. 

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Big Un’s CFO charged with insider trading in latest action over failed company
White Collar 2023-06-13 3:49 pm By Christine Caulfield

The former chief financial officer of Big Un has become the third person to be charged with insider trading connected to shares in the defunct video producer.

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Armaguard, Prosegur merger wins clearance from ACCC with conditions
Competition & Consumer Protection 2023-06-13 4:22 pm By Christine Caulfield

Armaguard and rival Prosegur have secured authorisation for their proposed merger from the ACCC, which has found the likely reduction in competition in the cash transport industry was outweighed by the public benefits of the transaction.

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ATO prevails against Binetter company as new evidence reveals ‘extraordinary deceit’
Tax 2023-06-09 11:26 pm By Christine Caulfield

The Australian Taxation Office has won a long-running case over an international tax evasion scheme by a company linked to the Binetter family after uncovering evidence showing earlier judgments were secured by fraud.

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Suncorp admits to underpaying workers by $32M
Employment 2023-06-09 3:55 pm By Sam Matthews

Insurers Suncorp and AAMI have back-paid $32 million to thousands of employees who were underpaid over a period of almost eight years. The insurers will also make a $520,000 contrition payment to the Commonwealth as part of an enforceable undertaking entered into with the Fair Work Ombudsman. Suncorp underpaid over 15,800 employees between May 2014…

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CBA hit with $3.55M penalty for ‘alarming’ spam breaches
CBA 2023-06-07 4:58 pm By Gareth Baker

Commonwealth Bank of Australia has copped a record $3.55 million penalty for breaching spam laws after it sent more than 65 million emails without an easy way for individuals to unsubscribe.

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ANZ lashes rival’s ‘distorted’ arguments in final push for $4.9B Suncorp deal
Competition & Consumer Protection 2023-06-07 5:05 pm By Gareth Baker

ANZ has rubbished arguments from a competitor and the ACCC that its merger with Suncorp’s banking arm will reduce competition and hurt consumers, saying the watchdog had been asked to believe a “distorted and selective view” of the proposal.

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ASIC, NAB clash over $10M penalty exposes ‘vague status’ of concise claims, judge says
Financial Services 2023-06-06 3:53 pm By Sam Matthews

NAB has told a court it should pay a $2 million penalty — not the $10 million proposed by ASIC  — for engaging in unconscionable conduct by overcharging customers, saying the exact words used in the regulator’s concise statement accuse it only of a single contravention.

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