COMPROMISE (LAW) – AUSTRALIA

BHP acts on Singapore loophole

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Original article by Paul Garvey
The Australian – Page: 21 : 21-Nov-18

The case for abolishing BHP’s dual-listed structure has strengthened after the resources group agreed to transfer full ownership of its Singapore trading hub to its Australian division. BHP will do so as part of a settlement with the Australian Taxation Office regarding the payment of back taxes associated with the trading hub. The settlement is likely to significantly reduce the cost to BHP of reverting to a single primary listing on the Australian sharemarket.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, SHAW AND PARTNERS LIMITED, ELLIOTT MANAGEMENT CORPORATION, TAX JUSTICE NETWORK

BHP to pay $529m bill after taxman wins trading hub case

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Original article by Paul Garvey
The Australian – Page: 17 & 20 : 20-Nov-18

BHP Billiton has agreed to pay $529 million in back taxes as part of a settlement with the Australian Taxation Office concerning its Singapore trading hub. There had been claims that BHP was using the hub to reduce its tax payments in Australia, with the settlement relating to its earnings between 2013 and 2018. Previously, 42 per cent of the hub had been owned by BHP’s UK arm, but its Australian arm will now assume 100 per cent ownership. BHP CFO Peter Beaven said he is pleased that the issue has been resolved, while he noted that BHP had already paid over $75 billion in Australian taxes and royalties between 2013 and 2018.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC

CBA accepts undertaking over BBSW

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 19 : 12-Jul-18

The Australian Securities & Investment Commission has advised that the Commonwealth Bank of Australia has agreed to an enforceable undertaking with regard to the bank bill swap rate. CBA will pay $25m in fines and costs to settle ASIC’s case over allegations that the bank manipulated the BBSW. National Australia Bank and the ANZ Bank both agreed to pay $50m in total to settle their BBSW cases.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA

CBA cops record $700m hit

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Original article by Michael Roddan, Pamela Williams
The Australian – Page: 1 & 2 : 5-Jun-18

The Commonwealth Bank of Australia has admitted to 53,750 breaches of the nation’s anti-money-laundering and counter-terrorism financing laws. CBA has agreed to pay a record fine of $A700m after reaching a settlement with Austrac. The civil penalty equates to about seven per cent of the bank’s profit for fiscal 2017. ­Austrac CEO Nicole Rose says the fine is "appropriate", while she adds that CBA needs to revamp its compliance systems more quickly than the five-year timeframe it has outlined. She has also warned that organised crime gangs are still actively targeting Australian banks.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY, REGAL FUNDS MANAGEMENT PTY LTD, CLSA AUSTRALIA PTY LTD, FEDERAL COURT OF AUSTRALIA

CBA falls as legal costs take toll on profit

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Original article by Michael Roddan
The Australian – Page: 19 & 24 : 10-May-18

The Commonwealth Bank of Australia has posted an underlying cash net profit of $A2.35bn for the March quarter, which is nine per cent lower than previously. CBA has advised of an increase in home loan, personal loan and credit card arrears during the period, while its expenses rose by three per cent. Meanwhile, CBA has agreed to pay fines totalling $A25m to settle allegations that it manipulated the bank bill swap rate.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, DIGITAL FINANCE ANALYTICS, FEDERAL COURT OF AUSTRALIA

Westpac takes on ASIC alone over rate rigging

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Original article by James Frost, Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 31-Oct-17

Westpac has elected to let the courts decide whether allegations of rigging the bank bill swap rate have any foundation. National Australia Bank and the ANZ, which were also alleged by the Australian Securities & Investments Commission of rigging the BBSW, have agreed to a settlement over the issue. The case against Westpac will begin in the Federal Court on 31 October, with the case likely to run until the end of the year.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Westpac takes BBSW case down to the wire

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Original article by Sally Patten, Jonathan Shapiro
The Australian Financial Review – Page: 4 : 30-Oct-17

National Australia Bank has joined the ANZ Bank in reaching a settlement with the Australian Securities & Investments Commission over rate-rigging allegations. The NAB is understood to have agreed to make a total payment of $A50 million, of which $A10 million would be seen as a penalty and $A20 million would go towards ASIC’s legal costs. The remaining $A20 million would be donated to a consumer protection fund. Westpac, the third bank involved in the bank bill swap rate case, is believed to be still considering whether it should challenge ASIC’s allegations in court.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA

‘I wouldn’t apologise for 50k,’ Harrison warns Seven

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Original article by Misa Han
The Australian Financial Review – Page: 2 : 10-Jul-17

Seven West Media is believed to have incurred legal costs of more than $A1m in its dispute with former employee Amber Harrison. Seven will seek to recover its full legal costs after insisting that Harrison must issue a public apology as part of a deal to settle the case. Harrison had offered to abandon legal action against Seven and accept a permanent suppression order, but with no apology or payment from Seven. The media group had offered to pay her $A50,000 to settle the dispute.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, JOHNSON WINTER AND SLATTERY, AUSTRALIAN HUMAN RIGHTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Maurice Blackburn has $11m bill as horse flu case collapses

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 3 : 17-Jun-16

Law firm Maurice Blackburn has abandoned its class action against the Federal Government over the horse flu outbreak in 2007. A settlement proposed by the Government contains no compensation offer as there was no admission of liability on the part of the Government for the infection of horses with the virus which escaped from the Eastern Creek Quarantine Station near Penrith, New South Wales. Maurice Blackburn’s legal costs are around $A11 million.

CORPORATES
MAURICE BLACKBURN PTY LTD, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, FEDERAL COURT OF AUSTRALIA

J&J to pay $250m for bad hip joints

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 7 : 1-Apr-16

Johnson & Johnson has reached a conditional agreement with lawyers representing 1,700 Australians who allegedly suffered adverse health effects related to hip replacements. The pharmaceutical and medical devices group agreed to pay $A250 million to settle the case. The class action settlement is yet to be approved by Federal Court.

CORPORATES
JOHNSON AND JOHNSON, DEPUY AUSTRALIA, SHINE LAWYERS, MAURICE BLACKBURN PTY LTD, FEDERAL COURT OF AUSTRALIA