LAW – AUSTRALIA – CASES

CBA’s terror breaches after lawsuit

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Original article by Nicola Berkovic, Michael Roddan
The Australian – Page: 1 & 2 : 15-Dec-17

Austrac filed an amended statement of claim against the Commonwealth Bank of Australia on 14 December, alleging that there have been further breaches of anti-money laundering and terrorism financing laws since it first launched legal action against the bank. The new allegations include claims that CBA allowed money to be withdrawn from a bank account even though there were suspicions that the account-holder had links to terrorism. CBA has admitted to more than 53,000 of the breaches of money-laundering laws that Austrac had alleged in its original statement of claim.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

Unions to urge ALP to ease anti-strike rules

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Original article by Ewin Hannan
The Australian – Page: 6 : 8-Dec-17

ACTU secretary Sally McManus has warned that a landmark High Court ruling will make it more difficult for unions to take protected industrial action. The court ruled that lawful industrial action during enterprise bargaining negotiations is not permissible if previous orders of the Fair Work Commission had been breached during the bargaining process. McManus says Australia’s rules on the right to strike are "complex and onerous", and she argues that reforms are needed to make them consistent with the International Labour Organisation’s standards. The ACTU will lobby the Australian Labor Party to pursue changes to the right-to-strike regime.

CORPORATES
ACTU, HIGH COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN LABOR PARTY, INTERNATIONAL LABOUR ORGANIZATION, AUSTRALIAN GREENS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, VICTORIAN INTERNATIONAL CONTAINER TERMINAL PTY LTD, MARITIME UNION OF AUSTRALIA, SUPREME COURT OF VICTORIA, VICTORIAN TRANSPORT ASSOCIATION INCORPORATED, AUSTRALIA. FAIR WORK OMBUDSMAN, CALTEX AUSTRALIA LIMITED – ASX CTX

High Court removes strike protections in landmark ruling

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 7-Dec-17

A landmark ruling of the High Court of Australia has major implications for unions regarding negotiations over enterprise bargaining agreements. The court ruled that unions are not permitted to take protected industrial action while EBA negotiations are underway if the union had previously breached an order of the Fair Work Commission regarding that bargaining. The Australian Workers’ Union had argued that unions are only required to comply with current rather than past orders of the FWC. The ruling could potentially result in the AWU being required to pay significant damages to Esso over strike action at the Longford gas plant in Victoria in 2015.

CORPORATES
AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, HIGH COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, ESSO AUSTRALIA PTY LTD, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED)

Federal Court targets sham EBAs

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 14-Nov-17

One Key Resources’ enterprise bargaining agreement has been deemed to be invalid in a landmark ruling of the Federal Court. The labour hire firm supplies workers for black coal mining companies such as BHP Billiton and Glencore. Just three employees voted on its proposed EBA, which included pay rates that were only $A1 per week higher than the minimum rate in the industry award and which was subsequently approved by the Fair Work Commission in 2015. One Key Resources then ramped up its workforce and boasted more than 1,100 casual employees by early 2017.

CORPORATES
ONE KEY RESOURCES PTY LTD, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, BHP BILLITON LIMITED – ASX BHP, GLENCORE PLC, AUSTRALIAN RUGBY FOOTBALL LEAGUE, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

NAB traders didn’t read swap rate rules

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Original article by James Frost
The Australian Financial Review – Page: 18 : 14-Nov-17

Former National Australia Bank trader Brock Johnson has admitted that he was not aware of the rules governing the bank bill swap rate (BBSW). NAB, like the ANZ Bank, has settled with the Australian Securities & Investments Commission over allegations that they tried to rig the BBSW, but ASIC is still pursuing its case against Westpac over the matter. Johnson has told the Federal Court that he had not read the Australian Financial Markets Association’s rules concerning the BBSW.

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, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED

Westpac in so deep it ‘fixed rate pricing’

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Original article by Richard Gluyas
The Australian – Page: 17 & 21 : 1-Nov-17

The Federal Court has heard a series of recorded conversations in which Westpac staff allegedly discussed strategies for manipulating the bank bill swap rate. The taped conversations were part of the Australian Securities & Investments Commission’s evidence against the bank, which has elected to contest the allegations of market manipulation rather than agree to a settlement. Other evidence tendered in court by ASIC included email messages from Westpac staff and the minutes from Australian Financial Markets Association meetings.

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

Kinghorn facing jail over $30m tax fraud

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Original article by Geoff Winestock, Misa Han
The Australian Financial Review – Page: 1 & 4 : 1-Nov-17

RAMS Home Loans founder John Kinghorn has pleaded not guilty after being charged with two counts of tax fraud. The Australian Federal Police will allege that Kinghorn avoided tax liabilities totalling $A30m after claiming that he did not control any companies that were registered in the Jersey Islands. He could be sentenced to up to 10 years in jail if he is convicted. Kinghorn gained $A650m from the sale of an 80 per cent stake in RAMS via an IPO in 2007.

CORPORATES
RAMS HOME LOANS PTY LTD, ALLCO FINANCE GROUP LIMITED, AUSTRALIAN FEDERAL POLICE, LOCAL COURT OF NEW SOUTH WALES, KALOMA CORPORATION, KALOMA PACIFIC LEASING, TRYDEN ENTERPRISES, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, SUPREME COURT OF NEW SOUTH WALES

Fairfax clean bowled by Gayle force victory

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Original article by Sam Buckingham-Jones
The Australian – Page: 5 : 31-Oct-17

Fairfax Media has advised that it may appeal against a court ruling that it defamed West Indian cricket player Chris Gayle in a series of articles which claimed that he had exposed himself to a female masseuse. The four-person jury also found that Fairfax published the contentious articles out of malice. Amongst other things, Gayle had sought aggravated and special damages from the media company.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN BROADCASTING CORPORATION

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