COMPROMISE (LAW) – AUSTRALIA

Newcrest pays $36m to settle class action

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Original article by Barry FitzGerald
The Australian – Page: 20 : 23-Feb-16

Gold producer Newcrest Mining has agreed to a $A36m out-of-court settlement in a class action over its disclosure standards. The case was scheduled to begin on 29 February 2016, but Newcrest has decided that a settlement is in the best interests of shareholders. Plaintiff law firm Slater & Gordon initiated a class action on behalf of shareholders with regard to Newcrest’s breach of continuous disclosure requirements in 2012 and 2013.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, SLATER AND GORDON LIMITED – ASX SGH, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Landmark case could cost Visa $20m in fines

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Original article by Patrick Durkin
The Australian Financial Review – Page: 6 : 2-Sep-15

The Australian Competition & Consumer Commission (ACCC) has reached a confidential settlement with Visa. The company was accused of abusing its market power. The settlement will be considered for approval by Federal Court judge Michael Wigney on 3 September 2015. Penalties of up to $A20 million are believed to be sought by the ACCC.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA, VISA INTERNATIONAL, FEXCO INVESTMENTS AUSTRALIA PTY LTD, PURE COMMERCE PTY LTD, GLOBAL BLUE HOLDINGS AB, PLANET PAYMENTS, JP MORGAN AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, TRANSURBAN GROUP LIMITED – ASX TCL

‘Flaw’ in corporate law could hit M&A

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Original article by Rick Wallace
The Australian – Page: 21 : 18-Nov-14

Japanese brewing group Asahi has revealed the size of its settlement deal with private equity firms Pacific Equity Partners and Unitas. It will receive $NZ220m ($A200), after claiming it had been misled over the acquisition for $A1.2bn in 2011 of the Independent Liquor business. Legal experts argue the case shows that large corporations are abusing section 18 of the Trade Practices Act, which is designed to protect small retail investors who lack the resources to carry out due diligence. The size of the compromise deal may have a dampening effect on mergers and acquisitions activity in Australia

CORPORATES
ASAHI BREWERIES LIMITED, THE INDEPENDENT LIQUOR GROUP CO-OPERATIVE LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, UNITAS CAPITAL PARTNERS PTY LTD, MINTER ELLISON, SCHWEPPES AUSTRALIA PTY LTD, P & N BEVERAGES AUSTRALIA PTY LTD

Banks settle case with liquidators of ABC

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Original article by Michael Bennet
The Australian – Page: 21 : 8-Jul-14

The liquidators of ABC Learning Centres have reached an in-principle settlement with a syndicate of banks. The compromise was reached just before the case against the lenders was to be heard in the Federal Court of Australia. Bentham IMF was meant to argue that the banks "jumped the creditors’ queue". Child care facilities operator ABC Learning Centres collapsed in November 2008, with debts of $A1.6 billion

CORPORATES
BENTHAM IMF LIMITED – ASX IMF, ABC LEARNING CENTRES LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA

Disclosure breaches cost Newcrest $1.2m

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Original article by Barry FitzGerald
The Australian – Page: 19-20 : 6/19/2014

Gold mining sector leader Newcrest Mining has admitted it engaged in the selective briefing of analysts in 2013. The penalty agreed on in a compromise with the Australian Securities & Investments Commission (ASIC) and still to be ratified by the Federal Court is $A1.2m, an all-time high for such a continuous disclosure rules breach. Newcrest also faces the threat of a class action law suit launched on behalf of affected investors by Slater & Gordon. The mining group had staged its own investigation of the breach, with Prime Minister’s Business Advisory Council chair Maurice Newman clearing it. However he did not have the same powers as ASIC

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, SLATER AND GORDON LIMITED – ASX SGH, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. PRIME MINISTER’S BUSINESS ADVISORY COUNCIL, FEDERAL COURT OF AUSTRALIA, ASX LIMITED – ASX ASX, CITIBANK PTY LTD, RBC CAPITAL (AUSTRALIA) LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA