LAW – AUSTRALIA – CASES

Big four banks sued by US funds over BBSW

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Original article by James Eyers
The Australian Financial Review – Page: 3 : 19-Aug-16

A class action launched in the US may complicate the Australian Securities & Investments Commission’s litigation against three of Australia’s big four banks. The litigants, including a derivatives trader and two hedge funds, allege in documents filed in a New York court that they suffered losses because the four major banks and Macquarie Group manipulated the bank bill swap rate. The US litigation makes a settlement between ASIC and the ANZ Bank, Westpac and National Australia Bank rather unlikely.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIAN LABOR PARTY, DISTRICT COURT OF UNITED STATES. SOUTHERN DISTRICT OF NEW YORK, SONTERRA CAPITAL MASTER FUND, FRONTPOINT FINANCIAL SERVICES, MAURICE BLACKBURN PTY LTD, BANK OF NEW ZEALAND, BNP PARIBAS SA, CITIBANK CORPORATION, CREDIT SUISSE AG, DEUTSCHE BANK AG, HSBC HOLDINGS PLC, JP MORGAN CHASE AND COMPANY, ROYAL BANK OF CANADA, ROYAL BANK OF SCOTLAND GROUP PLC, UC HOLDINGS, ICAP PLC, TULLETT PREBON, MORGAN STANLEY AND COMPANY INCORPORATED, LLOYD’S OF LONDON

Major builder faces ban

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Original article by Ewin Hannan
The Australian Financial Review – Page: 10 : 12-Aug-16

The Federal Circuit Court has imposed $A25,575 in penalties on Hutchinson Builders. The court found that the company did not want to award a contract to a business whose enterprise agreement lacked approval from the Construction, Forestry, Mining & Energy Union. The case is now being considered by Fair Work Building & Construction, and Hutchinson Builders may be subject to other sanctions.

CORPORATES
FAIR WORK BUILDING AND CONSTRUCTION, HUTCHINSON BUILDERS, FEDERAL CIRCUIT COURT OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

ANZ says credit card late fees won’t rise after court win

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Original article by James Eyers
The Australian Financial Review – Page: 2 : 28-Jul-16

Andrew Watson of law firm Maurice Blackburn has warned that banks may increase their credit card late payment fees after the High Court dismissed a class action case. Watson says the Federal Government should step in to protect consumers from unfair fee increases, but the ANZ Bank says such intervention is unnecessary as the court has ruled that its fees are fair. The bank has also ruled out increasing its late payment fees, which it had reduced in 2009. The class action commenced in 2010.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MAURICE BLACKBURN PTY LTD, HIGH COURT OF AUSTRALIA, IMF BENTHAM LIMITED – ASX IMF, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, UNIVERSITY OF NEW SOUTH WALES

Legal woes mount for CFMEU

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Original article by Ben Butler
The Australian – Page: 2 : 5-Jul-16

The liquidator of two failed building contractors has alleged that officials and employees of the militant Construction, Forestry, Mining & Energy Union threatened to commit unlawful acts. It has also been alleged that they attempted to induce subcontractors at a Melbourne construction site to break their contracts. The Federal Court recently fined the CFMEU some $A180,000 for its role in an illegal blockade of a construction site.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, SUPREME COURT OF VICTORIA, BORAL LIMITED – ASX BLD, GROCON PTY LTD, PENTRIDGE VILLAGE PTY LTD, WEST HOMES AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, CAPITAL FINANCE AUSTRALIA LIMITED, IMPROVED CONCRETE PUMPING SERVICES, AUSTRALIAN LABOR PARTY

Record fine for 7-Eleven exploitation

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Original article by Anna Patty
The Age – Page: 2 : 22-Jun-16

The Federal Circuit Court has ordered a 7-Eleven franchisee to pay $A408,348 in penalties for underpaying staff. The court has found that the Brisbane store’s owner had underpaid 12 employees more than $A82,000 and had falsified the store’s payroll records. Judge Michael Jarrett said the franchisee had displayed "contemptuous disregard" for workplace laws. He was ordered to pay the outstanding wages, although the employees are still owed about $A35,000.

CORPORATES
7-ELEVEN STORES PTY LTD, FEDERAL CIRCUIT COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN

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

‘Unconscionable’ NAB sued by ASIC over alleged rate rigging

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 2 : 8-Jun-16

Opposition Leader Bill Shorten says the latest development in the scandal over manipulation of the bank bill swap rate demonstrates the need for a royal commission into the banking sector. The Australian Securities & Investments Commission will allege in the Federal Court that National Australia Bank manipulated the BBSW in 50 separate transactions from mid-2010 to late-2012. ASIC has previously launched legal action against Westpac and the ANZ Bank.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN LABOR PARTY, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN GREENS, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Court fines CFMEU over airport blockade

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Original article by Andrew Burrell
The Australian – Page: 5 : 31-May-16

Six senior officials of the militant Construction, Forestry, Mining & Energy Union have received fines ranging from $A1,000 to $A2,750 in the Federal Court of Australia. The union itself has been fined $A12,500 for breaching industrial laws by blockading a project to upgrade Perth Airport in 2013. Fair Work Building & Construction director Nigel Hadgkiss notes that the CFMEU and its officials have now been fined three times in May 2016 for breaches of the Fair Work Act.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, FAIR WORK BUILDING AND CONSTRUCTION, PERTH AIRPORT

Watchdog drops action against CFMEU boss

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Original article by Ewin Hannan
The Australian Financial Review – Page: 9 : 25-May-16

Fair Work Building & Construction will not proceed with legal action against Michael O’Connor, the national secretary of the Construction, Forestry, Mining & Energy Union. In February 2016, FWBC accused O’Connor and 12 other union officials of engaging in unlawful industrial action by targeting construction contractor De Martin & Gasparini. FWBC has conceded that O’Connor was not in a photograph that was presented as evidence in the case against the CFMEU officials.

CORPORATES
FAIR WORK BUILDING AND CONSTRUCTION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, DE MARTIN AND GASPARINI PTY LTD, BORAL LIMITED – ASX BLD, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Watchdog to target more CFMEU officials

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Original article by Ewin Hannan
The Australian Financial Review – Page: 6 : 16-May-16

The Federal Court’s Justice Debra Mortimer has ruled that the Construction, Forestry, Mining & Energy Union cannot use its own funds to pay an $A18,000 fine on behalf of union official Joe Myles. Fair Work Building & Construction director Nigel Hadgkiss has welcomed the court ruling, and signalled that his agency will continue to pursue similar judgments against the militant union.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, FAIR WORK BUILDING AND CONSTRUCTION, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT