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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe Sure Thing podcast: ‘It was just chaos’: The day police cracked an $8 million scam
One of the men behind Australia’s biggest insider trading case has broken his silence, detailing his role in a heist of almost $8 million involving secret accounts, betrayal and a police chase resembling a mafia sting. Christopher Hill, who worked at the Australian Bureau of Statistics at the time, and passed confidential information to NAB […]
DLA Piper boosts financial services litigation capability with partner hire in Australia | News | DLA Piper Global Law Firm
Global law firm DLA Piper announces that financial services dispute resolution and class actions lawyer Matthew (Matt) Spain has joined the firm, effective today. Matt joins DLA Piper from King & Wood Mallesons’ (KWM) Financial Services Dispute Resolution group, where he has spent the past 13 years. During his time at KWM, Matt has built […]
‘Green light to hide information’: Australia’s recovery at risk from company disclosure changes | Australia news | The Guardian
Investment in Australia that will be crucial to recovering from the coronavirus crisis could be put at risk because the treasurer, Josh Frydenberg, has watered down laws requiring company directors to keep the market properly informed, say advisers to funds controlling trillions of dollars. In a seven-paragraph press release issued late on Monday afternoon, Frydenberg […]
Avoiding a securities class action: What companies and directors need to consider post-Myer | Global law firm | Norton Rose Fulbright
On 24 October 2019, the Federal Court of Australia handed down Australia’s first securities class action to proceed to judgment. The decision has provided welcome clarity around three issues. First, the interpretation of the continuous disclosure obligation in s 674 of the Corporations Act 2001 (Cth) and the associated ASX Listing Rules. Secondly, the acceptance […]
Australian Securities Class Action Suit Reaches Judgment for the First Time | The D&O Diary
Securities class action lawsuits have been an important part of the litigation scene in Australia for many years. But even though the current class action procedural regime has been in place since 1992, no Australian securities class action lawsuit ever went all the way to judgment – that is, no case ever went to judgment […]
The Securities Hype: First of its kind, but not the last – Lexology
Australia has had a class action regime since 1992. Despite all of the claims activity in the time since with around 120 actions commenced, no securities class action has proceeded to judgment in Australia. That changed yesterday, with judgment being delivered in the Myer shareholder class action. Whilst the Court found that Myer had breached […]
ASIC beneficiary of data retention regime – InvestorDaily
In a submission to the parliamentary inquiry into the data retention regime, ASIC revealed it had used the laws 4,982 times to investigate white-collar crimes. The data retention laws require companies to retain phone and internet records for all Australians to assist law enforcement authorities like ASIC. As part of the legislation, agencies must report […]
Australian Class Actions Rise Sharply, Litigation Funding Drives Increase | Law.com
The number of class action lawsuits filed in Australia has been rising sharply—driven both by a major government inquiry into the financial sector and by increased activity by litigation funders. *** A total of 29 class actions were filed in Australia in the first half of 2018, with the number increasing to 35 in the […]
Hacker given three-year jail term for insider trading
A Melbourne man has been sentenced to three years imprisonment after hacking a financial publisher’s system and engaging in insider trading. IT consultant Steven Oakes today pleaded guilty to 11 charges of insider trading, unauthorised access to data with the intention to commit a serious offence, and the alteration of electronic devices required by the […]
Australia: Woolworths hit with $100m class action from shareholders over shock downgrade
Woolworths is facing a potential $100 million payout to aggrieved shareholders who saw the value of their investments plunge when the supermarket delivered a shock downgrade to its profit outlook in 2015. via Woolworths hit with $100m class action from shareholders over shock downgrade.