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Financial Services AU
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August 18, 2026
APRA Tightens Bendigo Bank Licence Over Risk Failures
Bendigo and Adelaide Bank will face tougher new licence conditions from APRA due to its "longstanding and pervasive weaknesses" in addressing non-financial risks and the failure of its remediation efforts, the regulator said in a statement on Tuesday.
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August 17, 2026
Bitcoin Backed By 'Nothing But Hope,' High Court Told
In the latest chapter of a potentially significant case over whether Bitcoin is considered property, counsel for the appellant has told the High Court of Australia that the cryptocurrency is backed by "nothing but hope" and cannot be possessed like a physical good.
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August 17, 2026
S&G Files 2nd James Hardie Class Action, Shine Plans 3rd
Slater & Gordon has filed a shareholder class action against James Hardie in the Victorian Supreme Court, the second alleging the building materials firm failed to disclose US problems in its forecasts, with a third from Shine Lawyers imminent, Law360 can reveal.
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August 17, 2026
Judge Backs Bendigo Bank In Brothel Debanking Row
The owner of Melbourne brothel Gotham City has lost a bid to overturn Bendigo Bank's closure of his bank accounts due to suspicious activity, after a Supreme Court of Victoria judge dismissed his claims of discrimination and breaches of banking laws and account terms.
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August 17, 2026
Arrium Class Can't Ease Burden With Late Pleading Fix
The Victorian Supreme Court judge overseeing a class action against collapsed steelmaker and miner Arrium Ltd. over allegations of misleading financial reports, refused Monday to allow amended pleadings, leaving the plaintiffs a high bar to clear to prove their case.
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August 17, 2026
Pocock Urges KPMG Breakup, Ban on Government Work
Greens senator Barbara Pocock has called for KPMG to be broken up and banned from government work, accusing the auditing giant of misleading the public and parliament while pursuing revenue at any cost.
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August 14, 2026
KPMG Aust. CEO Says Firm 'Absolutely Failed' Whistleblower
KPMG Australia CEO John Sams told a parliamentary committee on Friday that the firm had "absolutely failed" a whistleblower who had raised concerns about the firm misusing confidential client information to win more audit work, as the committee's chair questioned the firm's partnership structure.
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August 14, 2026
Senator Sharma Slams 'Arrogance' Of Diversa Bonus Payout
Liberal Senator Dave Sharma has used parliamentary privilege to accuse Diversa Trustees of "astonishing arrogance" for awarding large management bonuses while members invested $300 million into the collapsed First Guardian, and calling for swift regulatory action.
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August 14, 2026
Allens, Ashurst Stand By 'Unsatisfactory' KPMG Work
Allens and Ashurst Perkins Coie defended their legal advice and whistleblower investigations for KPMG Australia, despite senators at a parliamentary inquiry on Friday describing Ashurst's reports as "unsatisfactory" and Allens' work as "very poor."
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August 14, 2026
Fed Court Admits to Underpaying Casuals Due to Payroll Error
The Federal Court of Australia has admitted to underpaying almost 250 of its casual employees due to a "payroll configuration issue," requiring about $77,000 in remediation payments.
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August 14, 2026
KPMG Backs Audit Licence, Against Non-Auditing Service Ban
KPMG Australia said that it supports licensing audit firms but warned against banning auditing firms from offering non-auditing services or forcing them to impose operational or structural separation between those offerings, in its response to an inquiry driven in part by its own handling of whistleblower allegations.
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August 14, 2026
Former KPMG Execs Refuse To Admit Failures At Inquiry
Former KPMG senior executives have rejected claims they failed to carry out their professional obligations and uphold ethical standard during a parliamentary joint committee investigating whistleblower allegations on Friday.
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August 14, 2026
Boral Liable In Investor Suit But Judge Waits Til CBA Ruling
Construction supplier Boral has been found liable for continuous disclosure breaches over its failure to correct flawed earnings guidance in a class action in the Federal Court of Australia, with penalties to be decided following an upcoming High Court ruling on market causation in the Commonwealth Bank of Australia shareholder case.
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August 14, 2026
HSF Kramer Sees Rise In Minority Sell-Downs In M&A
Australian private companies' exit deals are increasingly including minority stake sales and special purpose investment funds as sovereign wealth funds expand into the market, according to an HSF Kramer report analysing deals it acted on in 2025.
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August 14, 2026
Dexus, Macquarie To Reconsider KPMG Audits on Data Misuse
Senior executives at KPMG Australia clients Macquarie and Dexus told a parliamentary joint committee on Friday they are considering retendering their audit contracts amid the auditing giants continued lack of transparency over misuse allegations with key information emerging through the media and senators.
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August 13, 2026
Arrium Judge Won't Exclude Key Class Expert
A Victorian Supreme Court judge ruled at trial Thursday that a shareholder class suing over allegedly misleading financial reports made by collapsed steelmaker and miner Arrium Ltd could continue to use a key valuation expert supporting their case, rejecting the defendants' claims that he acted outside his expertise.
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August 13, 2026
HWL Ebsworth Can't Halt Ex-Partner's Age Discrimination Suit
A Supreme Court of Victoria judge has dismissed an application by HWL Ebsworth (HWLE) to permanently stay an age discrimination claim by a former partner, then aged 66, who was excluded from a proposed initial public offer of the law firm and later expelled from the partnership.
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August 13, 2026
CPA Australia Wants ASIC To Have Direct Auditor Oversight
Australia's peak accounting body has urged the Federal Government to grant ASIC "direct regulatory standing over audit firms" in a government submission arguing all firms should be registered with ASIC, rather than the auditors, alongside mandatory minimum inspections.
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August 13, 2026
Judge Rules McPherson, Ex-CEO Liable Over Sales Disclosure
The Federal Court of Australia has found a skincare and consumer goods company misled investors by breaching its continuous disclosure obligations over forecasts for Dr LeWinn's skincare during a COVID-era sales slump, while its former CEO breached his duty of care by failing to ensure investors were informed in a timely manner.
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August 13, 2026
Sequoia Cancels Dividend Amid Interprac Legal Woes
Sequoia Financial Group has cancelled its interim dividend due to legal proceedings including ASIC's Federal Court lawsuit against its subsidiary Interprac for alleged oversight and compliance failures in directing customers to the collapsed Shield and First Guardian superannuation funds.
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August 12, 2026
Meta Spoiled Evidence In Forrest Facebook Scam Suit: Judge
A California federal judge has sanctioned Meta, finding the company failed to preserve key evidence in a lawsuit by Australian businessman Andrew Forrest over fraudulent Facebook advertisements that falsely used his name and likeness to promote cryptocurrency and investment scams, saying the spoliation prejudiced Forrest's case.
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August 12, 2026
Former KPMG Execs, Allens, Ashurst To Front KPMG Hearing
Six former KPMG executives, lawyers from Allens and Ashurst, ASIC's Chair Sarah Court, and senior Macquarie, Optus, Westpac and Dexus staff will appear before a second parliamentary joint committee into the KPMG audit scandal in Canberra this Friday.
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August 12, 2026
KPMG Legal Doc Release 'Extraordinary' But Waiver Implied
A parliamentary committee's decision to publicly release KPMG Australia's privileged legal documents on public interest grounds may be unprecedented and lacks a clear legal basis, experts say, though KPMG may have inadvertently waived privilege.
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August 12, 2026
Ex-CFO Says Adgemis Knew $78M GST Claims Were Fraudulent
The former CFO of Jon Adgemis' personal property investment vehicle JAGA Group has told the Federal Court of Australia the former publican knew $78 million in GST claims were incorrect, but viewed them as "short term loans" from the Australian Tax Office.
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August 12, 2026
ASIC Financial Reporting Misconduct Sweep Hits Hudson
ASIC's crackdown on financial reporting misconduct has resulted in a fourth company hit with a penalty this week, with a New South Wales local court handing recruitment firm Hudson Global Resources a $270,000 fine for failing to file its financial reports for three years.