Slater and Gordon to receive nil in UK settlement

Slater and Gordon to receive nil in UK settlement

Slater and Gordon (ASX: SGH) will not see a cent from the settlement between Slater and Gordon UK and Watchstone Group. Slater and Gordon UK, now completely detached from the Australian law firm, has entered into a settlement agreement with Watchstone group following a counterclaim made by the professional services firm. Initially, Sl...

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Maurice Blackburn launches class action against CommBank's Colonial First State

Maurice Blackburn launches class action against CommBank's Colonial First State

Maurice Blackburn have launched a class action against Commonwealth Bank (ASX: CBA) on behalf of Colonial First State account holders. The class action is in relation to alleged breaches of super trustee duties that Maurice Blackburn says have caused substantial losses to more than 100,000 members over several years. The firm alleges ...

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IMF Bentham to buy European litigation funder for $141m

IMF Bentham to buy European litigation funder for $141m

An Australian group that has funded class actions against the likes of National Australia Bank (ASX: NAB), Sirtex and Murray Goulburn (ASX: MGC) is about to spread its wings. IMF Bentham (ASX: IMF) has agreed to acquire Netherlands-headquartered Omni Bridgeway for 87.5 million euros ($141 million) as part of a five-year plan to diver...

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Former Future Care owners serve Smiles Inclusive with statutory demand

Former Future Care owners serve Smiles Inclusive with statutory demand

Just one day after law firm Holding Redlich confirmed it had agreed to lead a class action process against Smiles Inclusive (ASX: SIL), it has been revealed the struggling dental empire now faces another legal battle. The former owners of Sydney-based Future Care Dental Group (FCDG), who sold their business to Smiles in December last...

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CommInsure charged with 87 counts of hawking

CommInsure charged with 87 counts of hawking

The life insurance arm of Commonwealth Bank (ASX: CBA), CommInsure, has been charged with 87 counts of offering to sell insurance products in the course of non-compliant unsolicited phone calls. The Australian Securities and Investment Commission (ASIC) alleges that CommInsure, wholly owned by CBA, unlawfully sold insurance policies known...

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Man arrested over Landmark White data breach

Man arrested over Landmark White data breach

The NSW Police Force Cybercriminal Squad have arrested a man in relation to the data breach incidents that affected real estate valuation business Landmark White (ASX: LMW). The man has been identified as 49-year-old Stephen Grant, who the Sydney Morning Herald reported as having worked for 12 years at Landmark White. H...

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Takeovers Panel blocks Benjamin Hornigold takeover

Takeovers Panel blocks Benjamin Hornigold takeover

The attempted takeover of Benjamin Hornigold by NSX-listed investment management company John Bridgeman has been shut down by the Takeovers Panel. After raising red flags in early September due to the apparent lack of competitiveness of John Bridgeman's offer, the panel has decided to stop the takeover in its tracks. John Bridgema...

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Lawcadia raises $1.3m in pre-Series A funding round

Lawcadia raises $1.3m in pre-Series A funding round

Legal technology company Lawcadia has received a $1.3 million capital injection to carry out global expansion and product development plans, building on a platform that is already used by all  of Australia's top-tier law firms. The pre-Series A round involved several private investors and early-stage venture capital firm Art...

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Ralan receivers to offload Ruby Apartments

Ralan receivers to offload Ruby Apartments

The collapse of property developer Ralan Group has triggered the sale of management rights for one of the most recent builds on the Gold Coast. Ruby Apartments, a 30-level apartment complex in Surfers Paradise completed less than a year ago, was one of several developments that was left in the lurch by the Sydney-based company's downf...

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Silver Chef shareholders knock down Next Capital for the second time

Silver Chef shareholders knock down Next Capital for the second time

Shareholders in embattled hospitality firm Silver Chef (ASX: SIV) have swatted away a takeover offer from investment firm Next Capital for the second time. Following Next Capital's second bid at taking over Silver Chef, shareholders in the latter have come out against the proposed deal, choosing instead to side with an alternative rec...

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Rural Funds launches lawsuit against short seller Bonitas Research

Rural Funds launches lawsuit against short seller Bonitas Research

Australian agriculture real estate investment trust Rural Funds Group (ASX: RFF) has commenced legal proceedings against US-based short sellers Bonitas Research and its principal Matthew Weichert. The proceedings relate to a short selling report published by Bonitas in early August which saw the shares in Rural Funds dive by 43 per cent. ...

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ASX comes knocking as iSignthis share price dives on Ownership Matters report

ASX comes knocking as iSignthis share price dives on Ownership Matters report

The last 48 hours have been a rollercoaster for the share price of iSignthis (ASX: ISX). After hitting a high of $1.66 on 11 September it suddenly crashed to a low of $0.99 the following day.  The initial spike can be attributed to the company's market update for gross processed transaction value (GPTV), which on an annualise...

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Watchdog gives green light to Elders rural retail acquisition

Watchdog gives green light to Elders rural retail acquisition

The Australian Competition and Consumer Commission (ACCC) has given agribusiness Elders (ASX: ELD) the go-ahead to acquire Australian Independent Rural Retailers (AIRR). Elders will buy AIRR for a cash-scrip consideration of $10.85 per share, valuing the rural merchandise, pet and produce chain at $157 million on an equity basis. AIRR...

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Neobank Xinja receives full banking licence

Neobank Xinja receives full banking licence

The Australian Prudential Regulation Authority (APRA) has granted Xinja Bank a full banking licence. This is a milestone for the company, and sees Xinja join Volt, Judo and 86 400 as the fourth 'neobank' to receive the licence. The effect of the licence means that Xinja can now open bank accounts to its early customers. Xi...

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Bonitas claims EY report "backfired" against Rural Funds

Bonitas claims EY report "backfired" against Rural Funds

The war of words between short sellers Bonitas Research and Rural Funds Group (ASX: RFF) continues today after the former finally responded to an Ernst & Young (EY) report commissioned by RFF. Instead of responding individually to every one of Bonitas' claims against the company, RFF opted to engage EY to produce a report into the...

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Class action alleges Westpac's super subsidiaries short-changed members

Class action alleges Westpac's super subsidiaries short-changed members

Westpac (ASX: WBC) subsidiaries BT Funds Management and Westpac Life Insurance Services have been hit with a class action from law firm Slater and Gordon (ASX: SGH). The class action alleges that superannuation members were short-changed by the bank's super funds. Slater and Gordon says members who invested in the BT Super for Lif...

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ASX drills Smiles Inclusive on shock $19 million loss announcement

ASX drills Smiles Inclusive on shock $19 million loss announcement

Late on Friday 30th August Smiles Inclusive (ASX: SIL) announced its disastrous FY19 results. Of particular note was its loss of $18.9 million during the financial year; a result that took the market by surprise. Now, the ASX has questioned Smiles over whether this significant loss was something the company should have alerted shareho...

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Ashley & Martin unfair contracts in the crosshairs

Ashley & Martin unfair contracts in the crosshairs

The Federal Court has determined three standard contracts from hair loss business Ashley & Martin are void because they are unfair to consumers. The Australian Competition and Consumer Commission (ACCC) highlights the company signed up more than 25,000 customers to its 'Personal RealGROWTH Program' to contracts on unfair terms...

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ASIC takes BOQ, Bendigo and Adelaide Bank to the Federal Court

ASIC takes BOQ, Bendigo and Adelaide Bank to the Federal Court

Two major Australian banking institutions have been sued by the Australian Securities and Investment Commission for allegations of the use of unfair contract terms. Bendigo and Adelaide Bank and BOQ have been taken to the Federal Court by the watchdog who alleges that the banks used contract terms with small businesses that were unfair. ...

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Class action against Radio Rentals leads to $29 million settlement

Class action against Radio Rentals leads to $29 million settlement

Radio Rentals' controversial 'Rent, Buy, $1 Buy' scheme has come back to bite more than two years after a class action filed by Maurice Blackburn Lawyers alleging unconscionable conduct.  The electronics and home appliance rental group's parent company Thorn Group (ASX: TGA) has stopped short of admitting guilt o...

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BlueScope Steel accused of price fixing by ACCC

BlueScope Steel accused of price fixing by ACCC

The Australian Competition and Consumer Commission (ACCC) has taken action against BlueScope Steel (ASX: BSL) and its former general manager sales and marketing Jason Ellis for alleged cartel conduct. The watchdog alleges that between September 2013 and June 2014 BlueScope and Ellis attempted to induce steel distributors in Australia and ...

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Slater & Gordon UK hit with a counterclaim by Watchstone Group

Slater & Gordon UK hit with a counterclaim by Watchstone Group

Once a prized acquisition of law firm Slater & Gordon (ASX: SGH) and now an aggrieved respondent, Watchstone Group has launched its own counterclaim against the separate UK law firm. The professional services business, formerly known as Quindell, was acquired for $1.3 billion by Slater & Gordon in 2015. It was the beginning of...

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ACCC review slams food franchisors for failing franchisees

ACCC review slams food franchisors for failing franchisees

Food franchisors are yet again in the spotlight for their failings as the Australia Competition and Consumer Commission (ACCC) releases its latest review into the sector. The watchdog found that franchisors in the food services sector are providing inadequate information to potential franchisees. The report, Disclosure practices in fo...

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What will be the legacy of the Hayne Royal Commission?

What will be the legacy of the Hayne Royal Commission?

The Hayne Royal Commission into the banking and financial services industry uncovered plenty of ugliness about Australia's leading financial institutions. The institutions themselves are still dealing with the fallout of the Royal Commission; class actions, board spills, and "restructure" plans are abound this year. What...

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Phi Finney McDonald launches class action against LendLease

Phi Finney McDonald launches class action against LendLease

A second class action against property group Lendlease (ASX: LLC) has been launched by law firm Phi Finney McDonald. It follows a similar class action brought by Maurice Blackburn in April and relates to LendLease's underperforming engineering division. As alleged by Phi Finney McDonald, LendLease announced that it would need to w...

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ACCC alleges HealthEngine manipulated reviews, misused patient data

ACCC alleges HealthEngine manipulated reviews, misused patient data

Online health booking platform HealthEngine has responded to allegations levelled by the consumer watchdog that it manipulated reviews and misused patient data. The Australian Competition and Consumer Commission (ACCC) commenced proceedings against HealthEngine, making allegations that the company engaged in misleading and deceptive condu...

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Qantas' stake in Alliance hits turbulence

Qantas' stake in Alliance hits turbulence

Qantas' (ASX: QAN) acquisition of a 20 per cent interest in Alliance Airlines (ASX: AQZ) has triggered alarm bells for the competition watchdog. In a statement released this morning, the Australian Competition and Consumer Commission (ACCC) noted some red flags relating to certain transport routes only travelled by Qantas and Alliance...

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Former Leighton CFO to be given two years imprisonment for falsifying the books

Former Leighton CFO to be given two years imprisonment for falsifying the books

Peter Alan Gregg, a former CFO of Leighton Holdings (LHL), is looking at two years in jail for cooking the books. Gregg was found guilty in December 2018 after a five-week trial by jury for falsifying LHL's books. Meanwhile, former LHL executive Russell Waugh who was managing director at Leighton Welspun Contractors Pvt Ltd, was f...

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How to evaluate your accident or injury case

How to evaluate your accident or injury case

One of the first questions asked of accident and injury compensation lawyers is "what is the value of my claim?".  It is a fair question, and one that should be answered at the beginning of any compensation claim process. However, every case is different and there are a lot of variables to evaluate in an accident or inj...

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ACCC: Facebook and Google's power distorts companies' ability to compete

ACCC: Facebook and Google's power distorts companies' ability to compete

The long-awaited Australian Competition and Consumer Commission (ACCC) report into the out-of-control growth and dominance of digital platforms has been released today, with the watchdog critical of giants Facebook and Google. The overarching theme of the report can be distilled into the ACCC not trusting the platforms to self-regulate, w...

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