O7540 Justice

Concern over funding of class actions

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 13 : 28-Aug-14

The Australian Institute of Company Directors’ GM, Steve Burrell, has urged stricter regulation of litigation funders. He notes that growing competition in the sector has prompted a rise in class actions in the last 18 months. Litigation funders are typically paid 20-35 per cent of the total payout in successful class actions, but Burrell is concerned about a proposal to allow litigation funders to use the common fund system in Australia

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, INTERNATIONAL LITIGATION FUNDING PARTNERS INCORPORATED, ALLCO FINANCE GROUP LIMITED, BENTHAM IMF LIMITED – ASX IMF, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CITIBANK PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN COMMUNICATIONS CONSUMER ACTION NETWORK LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, SINGAPORE TELECOMMUNICATIONS LIMITED – ASX SGT, VODAFONE AUSTRALIA LIMITED, NORTON ROSE FULBRIGHT AUSTRALIA

ASIC bid for tougher fines on corporate crime

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Original article by Anthony Klan
The Australian – Page: 21 : 27-Aug-14

The Australian Securities & Investments Commission (ASIC) has lodged a submission with the new financial system review conducted by David Murray for the Federal Government. The watchdog argues that harsher penalties should be rolled out for white-collar crimes, to ensure the perpetrators do no profit. ASIC also says it is not convinced that mandatory minimum balances should be introduced for self-managed superannuation fund accounts, and it seeks increased powers to ban unethical financial planners

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Appeal lost on Sunday rates

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Original article by Lucille Keen
The Australian Financial Review – Page: 11 : 27-Aug-14

The Federal Court of Australia has rejected a bid to overturn the Fair Work Commission’s ruling that penalty rates for hospitality workers should be reduced. The appeal was lodged by the United Voice union, after the Restaurant & Catering Association of Victoria and Australian Business Industrial succeeded in a bid to have Sunday penalty rates reduced. Many restaurant and cafe owners do not open on weekends due to high penalty rates

CORPORATES
FEDERAL COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, RESTAURANT AND CATERING INDUSTRY ASSOCIATION OF VICTORIA, RESTAURANT AND CATERING INDUSTRY ASSOCIATION OF AUSTRALIA INCORPORATED, UNITED VOICE, AUSTRALIAN BUSINESS INDUSTRIAL, GARFISH, NSW BUSINESS CHAMBER LIMITED

Big projects could be hiding phoenix scams

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Original article by Aaron Patrick, Nick McKenzie
The Australian Financial Review – Page: 1 & 8 : 25-Aug-14

Construction is one of the sectors said to be plagued by contractors deliberately letting businesses fail only to resurrect them in a "phoenix" move, designed to avoid taxation and employee entitlement liabilities. The Australian Taxation Office, Australian Securities & Investments Commission and Fair Work Building & Construction have announced they will look into the issue at eight of the nation’s major infrastructure developments. The Australian Federal Police will then hand an evidence brief to the Commonwealth Director of Public Prosecutions

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. OFFICE OF THE FAIR WORK BUILDING INDUSTRY INSPECTORATE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, PRICEWATERHOUSECOOPERS, NATIONAL PARTY OF AUSTRALIA

Labor will pursue cannabis reform

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Original article by Henrietta Cook, Anna Whitelaw
The Age – Page: 3 : 25-Aug-14

Victorian Opposition leader Daniel Andrews has announced that the Australian Labor Party’s platform for the November 2014 state election will contain a pledge to reform current legislation that bans the use of cannabis for medical purposes. If elected, Labor will ask the Victorian Law Reform Commission for proposals on how to decriminalise the use of the drug in the area of pain relief. Tony Bartone, the Australian Medical Association’s state branch president, backs the push

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN MEDICAL ASSOCIATION (VICTORIA) LIMITED, VICTORIAN LAW REFORM COMMISSION

CBA enlists heavyweights for compo panel

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Original article by Adam Creighton
The Australian – Page: 16 : 25-Aug-14

Following a scandal over improper advice by its financial planning arm, Commonwealth Bank of Australia (CBA) has formed an Independent Review Panel for the Open Advice Review Program meant to compensate affected customers. Some 400,000 clients of Commonwealth Financial Planning and Financial Wisdom from 2003 to 2012 will benefit. CBA has sought the services of a number of class action law firms on the issue, appointed ex- judges Geoffrey ­Davies and Julie Dodds-Streeton to the panel, and recruited US-based Promontory Financial Group to monitor internal processes at the bank

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, HIGH COURT OF AUSTRALIA, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, COURT OF APPEAL (QUEENSLAND), SUPREME COURT OF VICTORIA, FEDERAL COURT OF AUSTRALIA, LAW COUNCIL OF AUSTRALIA, PROMONTORY FINANCIAL GROUP LLC, MACQUARIE GROUP LIMITED – ASX MQG, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AMP LIMITED – ASX AMP, QUEENSLAND. PUBLIC HOSPITALS COMMISSION OF INQUIRY, QUEENSLAND. LITIGATION REFORM COMMISSION

Fears new law will shield killers

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Original article by Steve Lillebuen, Rania Spooner
The Age – Page: 10 : 22-Aug-14

The Victorian Law Reform Commission has recommended a change to the Mental Impairment and Unfitness to be Tried Act as it relates to suppression orders by the courts. It argues there should be "a presumption in favour" of such applications if they are made on behalf or by defendants who claim mental impairment. While the Criminal Bar Association and Victoria Legal Aid back the call, victim support groups and media law experts are urging caution. They fear the public may be denied information about dangerous murders, child abusers and arsonists

CORPORATES
VICTORIAN LAW REFORM COMMISSION, VICTORIA LEGAL AID, CRIMINAL BAR ASSOCIATION OF VICTORIA, DOMESTIC VIOLENCE VICTORIA INCORPORATED, CRIME VICTIMS SUPPORT ASSOCIATION INCORPORATED

Ruling may incite more class actions

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Original article by Marianna Papadakis,Hannah Low
The Australian Financial Review – Page: 11 : 21-Aug-14

Canada-based ­International Litigation Funding ­Partners (ILFP) is bankrolling a stockholder class action suit against Allco Finance Group. The Federal Court of Australia will on 21 August 2014 rule on whether ILFP can claim between 22.5% and 35% of any payout under the "common fund" method that covers all plaintiffs, even those who have not specifically agreed to be part of the funding arrangement. The decision will have an impact on other current class actions, involving major banks and telcos

CORPORATES
INTERNATIONAL LITIGATION FUNDING PARTNERS INCORPORATED,ALLCO FINANCE GROUP LIMITED,FEDERAL COURT OF AUSTRALIA,BENTHAM IMF LIMITED – ASX IMF,KPMG AUSTRALIA PTY LTD,MAURICE BLACKBURN PTY LTD,CLAIMS FUNDING AUSTRALIA PTY LTD,CLAIMS FUNDING EUROPE,NATIONAL AUSTRALIA BANK LIMITED – ASX NAB,SUPREME COURT OF VICTORIA,MODTECH ENGINEERING PTY LTD,GPT MANAGEMENT LIMITED,UNIVERSITY OF NEW SOUTH WALES,KING AND WOOD MALLESONS,AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ,CITIBANK PTY LTD,WESTPAC BANKING CORPORATION – ASX WBC,AUSTRALIAN COMMUNICATIONS CONSUMER ACTION NETWORK LIMITED,TELSTRA CORPORATION LIMITED – ASX TLS,SINGTEL OPTUS PTY LTD,SINGAPORE TELECOMMUNICATIONS LIMITED – ASX SGT,VODAFONE HUTCHISON AUSTRALIA PTY LTD,HARBOUR LITIGATION FUNDING LIMITED

Country’s first ‘sexting’ laws to be introduced in Victoria

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Original article by Henrietta Cook
The Age – Page: 3 : 21-Aug-14

Victorian Attorney-General Robert Clark has announced the introduction on 21 August 2014 of new legislation that specifically targets "sexting", the first in the nation. A parliamentary inquiry had looked into the issue of minors being automatically included on the state’s sex offenders register after sending explicit images among themselves. Under the new laws the practice will only constitute an offence if it occurs in "circumstances contrary to community standard of acceptable conduct"

CORPORATES
VICTORIA. OFFICE OF THE ATTORNEY-GENERAL

$7m payout for callous hit-run

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Original article by Amanda Banks, Tim Clarke
The West Australian – Page: 9 : 20-Aug-14

The Supreme Court of Western Australia has awarded $A7.2m in compensation to a 21-year-old man who suffered permanent brain damage in a hit-and-run incident in February 2011. Ned Mather sued the driver of the car, Jay Libri, after the latter deliberately drove his car into a group of teenagers at a birthday party. Libri was subsequently jailed for dangerous driving causing grievous bodily harm

CORPORATES
SUPREME COURT OF WESTERN AUSTRALIA, INSURANCE COMMISSION OF WESTERN AUSTRALIA, SLATER AND GORDON LIMITED – ASX SGH, DISTRICT COURT OF WESTERN AUSTRALIA