M&As a hotbed for hackers and cybercriminals

With breaches of cybersecurity now one of the most looming threats for the sustainability of most Australian businesses, many are wondering how best to protect their operations. Simple things like regularly changing passwords and ensuring absolutely everybody changes them can go a mile towards strong cybersecurity Just see the case o...

Wattle Health launches legal action against Indian importer

Organic infant food producer Wattle Health (ASX: WHA) has initiated legal action against an Indian importer for money owed. Wattle Health alleges baby food importer Vasudevan and Sons Exim Private (VSEP) has not provided the full bank guarantee to Wattle Health as required under a supply agreement. The pair entered into a supply agree...

Aged care provider Estia Health taken to Federal Court in class action

Aged care community operator Estia Health (ASX: EHE) has been served with a class action in the Federal Court of Australia. Law firm Phi Finney McDonald is acting on behalf of aggrieved shareholders, arguing Estia breached its continuous market disclosure obligations regarding the financial impact of its Kennedy Health Care (KHC) buyout. ...

Retail Food Group brushes ASX concerns under the rug

The franchise operator of Brumby's Bakery, Michel's Patisserie, and Gloria Jeans, Retail Food Group (ASX: RFG), has responded to the concerns of the ASX regarding a sudden and unexpected lift in shares last week. RFG said last week that the sudden lift in shares can be attributed to media speculation about its turnaround strategy....

ASIC slams banks for "extremely poor" consumer credit insurance

Australia's major banks have come under fire from the Australian Securities and Investment Commission (ASIC) for the sale of consumer credit insurance (CCI) that has "consistently failed consumers". In its latest report on CCI, Report #622, ASIC says that CCI products sold by 11 of Australia's major banks are of poor val...

Michael Hill announces bumper backpay for employees

Jewellery retailer Michael Hill (ASX: MHJ) has announced that it owes employees between $10 million and $25 million in remediation payments. The group discovered this remuneration discrepancy when conducting a review into its Australian retail employment contracts and rostering practices. The company says it was non-compliant with som...

Dodo slammed with fine for false streaming claim

Internet service provider (ISP) Dodo has been hit with a $360,000 fine for overstating what its NBN service could achieve. The company, wholly owned by Vocus Group (ASX: VOC), has agreed to refund around 16,000 customers for claims that its entry-level NBN broadband plans were 'perfect for streaming'. The plans in question wer...

ASIC takes Former Murray Goulburn execs to court

The corporate watchdog has taken former executives of dairy group Murray Goulburn (ASX: MGC) to the Federal Court over alleged breaches of the Corporations Act. Former managing director Gary Helou and former CFO Bradley Hingle will face the Federal Court over their alleged involvement in Murray Goulburn's failure to disclose to the AS...

Phi Finney McDonald launches class action against Domino's alleging staff were underpaid

A class action law suit has been launched by Phi Finney McDonald, alleging Domino's Pizza (ASX: DMP) underpaid delivery drivers and in-store workers. The law firm is looking for expressions of interest in its class action against the Australian pizza giant on behalf of employees employed between 24 June 2013 and 24 January 2018. P...

Murray Goulburn settles one of two class actions for $42 million

Murray Goulburn (ASX: MGC) has settled one of its class actions, known as the Endeavour River class action, for $42 million. Slater and Gordon launched the suit on 16 August 2018, acting on behalf of aggrieved Murray Goulburn shareholders who the firm argued suffered losses at the hands of misleading and deceptive conduct. The key all...

Australian Family Lawyers heads north with first acquisition since listing

Australian Family Lawyers (ASX: AFL) is going full throttle as a listed law firm, notching its first acquisition since listing on the ASX in early June. The company has acquired Nita Stratton Funk & Associates Solicitors, marking its foray into the Queensland legal market. AFL will pay $300,000 in cash for the Queensland firm, whi...

Blue Sky settles lawsuit against former directors

Investment firm Blue Sky has settled a lawsuit involving the alleged illegal downloading of company data. The firm, currently in receivership, says proceedings against Blue Sky Water Partners, Pinnacle Investment Management Group, Riparian Capital Partners (RCP) and former Blue Sky employees have been resolved on confidential terms. T...

Onterran creditors approve deed of company arrangement

Following its failed attempt to transform the Couran Cove Island Resort on Stradbroke Island Onterran's (ASX: OTR) creditors have approved a deed of company arrangement (DOCA). At a second creditor's meeting yesterday the administrators of Onterran passed a resolution that the company should execute a DOCA. David Clout and Pat...

Uber comes out on top in Fair Work investigation

The results of an investigation conducted by the Fair Work Ombudsman is sure to have Uber smiling, with the watchdog confirming that Uber is not an "employer" in the traditional sense. The investigation was launched to determine whether Uber's Australian operations could be considered as that of an employer, the natural resu...

Australian Family Lawyers to make ASX debut this week

A backdoor listing of Australian Family Lawyers (ASX: AFL) has been approved by the stock exchange with trading expected to begin on Friday this week. Founded by Edward Finn in 2015, the law firm aims to disrupt the conventional wisdom of relationship-driven business development in the legal profession, instead opting for an approach...

ASIC charges former Octaviar CFO with fraud

Just two years after he was banned from managing a corporation and ordered to pay $205 million to aggrieved shareholders in a failed fund, former Octaviar CFO David Anderson has been charged with 26 counts of fraud. As a publicly listed company with interests in the financial services, travel, leisure and childcare sectors, Gold Coas...

Class action to be brought against Suncorp Super

William Roberts Lawyers and Litigation Capital Management (LCM) have partnered up to bring a class action against Suncorp Group's super funds trustee. The proposed class action will be brought on behalf of members of Suncorp Super Funds to recover compensation for those whose accounts were impacted by charges used to pay conflicted re...

Shine settles class action brought against it by shareholders

No win no fee law firm Shine Corporate (ASX: SHJ) has settled a class action brought against it by shareholders back in 2017. The class action was launched by aggrieved shareholders after the firm's shares plummeted 73 per cent following a 10-day suspension from trade in 2016. Shareholders alleged that Shine misled investors in a ...

GetSwift shares back on deck after trading lockdown

A clarification has seen GetSwift shares fall back down to earth by more than 10 per cent in afternoon trading.  Shares in GetSwift (ASX: GSW) are trading once more after the logistics group responded to ASX concerns over an undisclosed partnership with a Kuwaiti fast food company. Trading was suspended for the embattled tec...

Blue Sky Alternatives Access Fund secures control of bank account

Listed spinoff of Blue Sky Alternative Investments (ASX: BLA) the Alternatives Access Fund (ASX: BAF) has confirmed it is solvent and now separate from its parent as BLA falls into receivership. Last week, the directors of BAF took steps to secure control of the bank account holding in excess of $29 million by placing a stop on the accoun...

Blue Sky's Alternative Access Fund cuts supply to mothership

Last week, embattled investment fund Blue Sky (ASX: BLA) announced it was not going to meet the terms of a $50 million loan from US-based Oaktree Capital Management. A heavy-handed approach has been the response from the company's Alternative Access Fund (ASX: BAF), which has opted to cut supply to its parent while it considers t...

IPO pushed back for Australian Family Lawyers

Offers for a backdoor listing of Melbourne-headquartered Australian Family Lawyers (AFL) have been extended by almost a month while the company undertakes discussions with the ASX. A reverse takeover of Navigator Resources (ASX: NAV) was approved by shareholders in April with expectations the IPO would raise $6.5 million by the time ...

TPG and Vodafone to file legal action against ACCC

Following the Australian Competition and Consumer Commission's ('ACCC') decision to oppose the $15 billion merger between Vodafone (ASX: HTA) and TPG (ASX: TPM) both telcos have committed to taking on the watchdog in court. In an ASX statement late yesterday afternoon TPG says that it intends on challenging the watchdog's ...

ACCC opposes Vodafone and TPG merger

The Australian Competition and Consumer Commission ('ACCC') has announced that it will block the merger between telecommunications giants TPG Telecom (ASX: TPM) and Vodafone (ASX: HTA), saying the merger would lessen competition.  The consumer watchdog inadvertently published a statement online this afternoon stating that the...

Retail Food Group backflips on use-by date extensions

Following an exposé by The Sydney Morning Herald the parent company behind Michel's Patisserie has backflipped on its internal decision to extend use-by dates on food products. As reported by The SMH Retail Food Group (ASX: RFG) instructed Michel's franchisees to ignore expiry dates on packaging and adopt new shelf-life dat...

Financial impact of LandMark White cyber attack revealed

The data beach of listed property valuation group LandMark White has hurt the company's revenue by up to $7 million. The company has revealed today the full extent of the breach on the group's bottom line, plus the significant cost of making sure this type of cyber-attack does not happen again. The company says the breach, whi...

Taxi drivers take on Uber in large scale class action

It might be the biggest class action Australia has ever seen as Maurice Blackburn gears up to take on ride-sharing giant Uber. The law firm is acting on behalf of thousands of taxi, hire car, charger vehicle, and limousine drivers across the country to "hold Uber accountable for destroying their livelihoods". The case has be...

How to protect your business from the threat of e-fraud

Cash flow is the life blood of any business, but managing it can be difficult. According to Westpac and Deloitte, small businesses in Australia are spending up to one working day every week chasing invoices that's a lot of time. During that tunnel-vision slog, where business owners become buried headfirst in processes and manageme...

Australian businesses lose $7.2 million from email scams in 2018

Email scams hit Australian businesses more than 5800 times in 2018, with losses exceeding $7.2 million according to the Australian Competition and Consumer Commission ('ACCC'). The ACCC's Targeting Scams report details how sophisticated email scams hit Australian businesses at a 53 per cent increase compared to 2017. This ...

Smiles Inclusive takes founder Mike Timoney to court

Divided dental company Smiles Inclusive (ASX: SIL) has commenced legal proceedings against beleaguered founder Mike Timoney (pictured) alleging serious misconduct and breaches of the law. The action follows the substantial completion of an interim investigation into the conduct of the ousted former CEO who remains on the board along with ...