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Financial Services AU
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August 07, 2026
Ex-Coco Joy CEO Gets 6 Months After Appeal Win
A NSW District Court on Wednesday resentenced the former CEO and director of coconut water company FAL Healthy Beverages, Tim Xenos, to six months' imprisonment, down from 18 months, after his conviction for dishonestly using his position as director for personal gain was overturned in April but held his conviction for making business decisions while disqualified and failing to disclose salary and bank accounts to his bankruptcy trustee.
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August 07, 2026
Palmer Fails To Quash Magistrates Criminal Case in Fed Court
Billionaire Clive Palmer's attempts to overturn a magistrate's refusal to dismiss criminal proceedings against him over alleged fraudulent transfers to his political party have hit another hurdle with a Federal Court judge in Brisbane rejecting his latest application, and refusing to recuse himself from the case.
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August 07, 2026
Ex-Nuix Director Says IPO Allegations Not Properly Pleaded
The Supreme Court of Victoria has heard that a class action centring on misleading IPO representations against software company Nuix, Macquarie Capital and former director Daniel Phillips failed to properly plead its case against Phillips.
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August 06, 2026
ASIC Suspends CFD Issuer GFA's Licence On Compliance Fail
ASIC has suspended the financial licence of GFA Capital Markets for five months following an industry-wide review into over 50 licensed contracts for difference (CFD) issuers, citing the firm's "multiple client money, reporting obligation and compliance failures."
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August 06, 2026
KPMG Says Disputed Arrium Audits Were Reasonable
KPMG auditors acted reasonably and used appropriate professional judgment when auditing the allegedly misleading financial reports of steelmaker and miner Arrium Ltd, they told the Victorian Supreme Court on Thursday.
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August 06, 2026
ACCC Chair Urges Smarter, More Proportionate Regulation
ACCC chair Gina Cass-Gottlieb called for "better regulation" rather than more regulation in a speech on Thursday, saying oversight should be proportionate to the problems it seeks to address.
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August 06, 2026
NSW AG Rejects Misconduct Findings Against DPP Chief
The NSW Attorney General has rejected a state committee's findings of misconduct against the NSW Director of Public Prosecutions Sally Dowling after advice from a senior counsel and two barristers found a lack of "evidentiary basis."
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August 06, 2026
Court Says AFCA Late-Complaint Ruling Isn't Reviewable
A Federal Court judge has tossed a former IG Markets client's challenge to AFCA's refusal to consider his late complaint over alleged derivatives losses, saying the dispute falls within the broad bar on judicial review of AFCA decisions.
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August 06, 2026
QB4 Loses Bid To Appeal Costs Orders In Guardian Dispute
The Federal Court of Australia has dismissed asset manager QB4 Capital's bid to appeal costs orders in a dispute over about $520,000 in legal and audit fees, clearing the way for $8.5 million to finally be distributed to investors in Guardian Securities.
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August 05, 2026
Arrium Directors Say Claim They Ignored Troubles 'Nonsense'
Directors of collapsed steelmaker and miner Arrium Ltd hit back on Wednesday at shareholder allegations they wrongly ignored negative industry data that should have underpinned their financial modelling, telling a Victorian Supreme Court judge that the company's disputed financial reports were reasonable and well-supported by available information.
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August 05, 2026
Federal Court Axes Class QBE COVID Appeal On Limited Use
The Full Court of the Federal Court of Australia has tossed out a class action appeal against QBE Insurance and underwriter Lloyds over COVID-19 business losses for reasons of practical utility, ordering applicants to pursue claims independently or not at all.
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August 05, 2026
Brambles Loses Bid To Pause Costs Order In Class Action
Brambles will have to pay an estimated $12 million in costs after a Federal Court judge dismissed a bid to pause a lump-sum assessment of costs owed to shareholders, despite the logistics giant appealing the landmark class action, in a judgment published on Monday.
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August 05, 2026
Insurance Groups Urge End to NSW Emergency Services Levy
Insurance groups have urged the New South Wales government to abolish the emergency services levy in favour of a property-based one before next year's state election, arguing the tax on insurance raises premiums and leads to greater uninsurance.
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August 05, 2026
'Alarm Bells' Rang Before PAC Merger, Court Told
The former directors of Pacific Current Group Ltd (PAC) approved the $193 million merger with fellow asset management firm Northern Lights Capital Partners LLC despite "alarm bells" ringing among the board over asset valuations of the U.S.-based firm, counsel for PAC told the Full Court of the Federal Court of Australia in Melbourne on Tuesday.
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August 05, 2026
Aware Super, Prime Super Weigh Merger For $254B Fund
Aware Super and Prime Super may merge to create a superannuation fund with around $254 billion in funds under management and more than 1.4 million members, the companies said on Wednesday.
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August 04, 2026
Justice Thomas Bradley Named Queensland's Next Governor
Justice Thomas Bradley will be the next Queensland Governor, state Premier David Crisafulli announced on Tuesday.
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August 04, 2026
Justice Gordon Urges Fairer Briefing Of Women Barristers
High Court Justice Michelle Gordon said the legal profession could "do better" on women's equality, outlining practical steps to encourage equitable briefing at the bar in a wide-ranging speech in Melbourne last month.
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August 04, 2026
Arrium Class Say KPMG Failed On 'Professional Skepticism'
KPMG auditors failed to properly look into contradictory information and unrealistic projections from Arrium Ltd before signing off on audits of the steelmaking and mining company ahead of its 2016 collapse, shareholders of the company argued at the Victorian Supreme Court on Tuesday.
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August 04, 2026
Berndale Director Jailed For Siphoning Funds, Lying To ASIC
A former director of a Melbourne derivatives and forex trading broker which collapsed owing $5.2 million in unpaid debts has been jailed for nearly two years by the Federal Court of Australia over misappropriating company funds and falsifying financial statements to deceive ASIC.
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August 04, 2026
Ashurst Adds Ex-Clayton Utz Litigator As Melbourne Partner
Ashurst Perkins Coie has added former Clayton Utz partner JK Muckersie, who represented ASIC in its recent case against HSBC Australia, as a partner in its complex litigation practice in Melbourne.
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August 04, 2026
ASIC Considers Looser Pre-IPO Advertising Rules
ASIC is considering allowing less restrictive advertising of upcoming IPOs to better align with global markets, the regulator said in a consultation paper on Tuesday.
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August 04, 2026
AFCA Complaints Hit Record High Amid Fund Collapses
AFCA received a record 119,949 complaints in the last year, with superannuation, investment and advice complaint numbers surging due to the collapses of the Shield and First Guardian super funds.
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August 03, 2026
Directors Hid Arrium's Decline Before Collapse, Says Class
Directors of collapsed steelmaker and miner Arrium Ltd wrongly approved "overly optimistic" revenue models underpinning the company's financial reports, ignoring predictions of a sustained fall in iron ore prices and an inability to turn a profit from an aging steel plant, shareholders of the company told a Victorian Supreme Court judge on Monday.
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August 03, 2026
Nuix Results 'Horrible' Prior To IPO, Class Action Case Hears
The Supreme Court of Victoria has heard software company Nuix knew results were "horrible" in the lead up to its 2020 IPO, in the first day of a class action trial brought by shareholders alleging misconduct in the float after the share price fell on the back of downgraded revenue estimates.
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August 03, 2026
ASIC Eyes Keystone's Chiodo Again With Restraining Order
ASIC is chasing former Keystone director Paul Chiodo for a second time seeking Federal Court orders restraining him from promoting or accepting money in Australia for any financial products, while a case alleging unauthorized fund transfers from the collapsed Shield pension fund continues.