In the media
Former Dick Smith CFO Michael Potts to pay NAB $ 43 million
Judge Michael Ball found that NAB advanced money as a result of deceptive and deceptive behavior in exchange for a promise to repay that money and collateral, and that Potts engaged in deceptive behavior when ‘he said the increase in overdraft with HSBC was to fund the acquisition of additional stock for the Boxing Day sales (June 16, 2021). After…
digiDirect pays penalties for misleading consumers about “store-wide” sales
Digital Imaging Express Pty Ltd, operating as digiDirect, paid $ 39,240 in penalties after ACCC issued three notices of violation to the company for allegedly misleading consumers about details of sales advertised in Australian Consumer Law (ACL) violation (June 15, 2021). After…
Renewed pressure on Nuix board with CFO rumors
Nuix is already under pressure over disclosure, governance issues, and the quality of its financial accounts, years before its IPO, with ASIC and Federal Police investigating the company’s affairs, three Class Action Law Firms Investigate Nuix for Deceptive or Deceptive Conduct or Continuous Disclosure Breaches (June 14, 2021). After…
Rising shipping costs: pressure on retail prices and inflation risks
Paul Zalai of the Freight & Trade Alliance, calls on the Minister of Commerce to regulate the shipping industry like in the United States, where there is a Federal Maritime Commission, to ensure that prices here are not artificially inflated, and again, there are enough safeguards in place to ensure that the surcharges are reasonable (June 14, 2021). After…
Waterdale real estate agent – share initiation
Consumer Affairs Victoria has taken criminal action against a real estate agency for serving unlawful discharge notices under laws introduced to protect tenants during the COVID-19 pandemic. Waterdale was investigated after complaints from tenants alleging they received the notices and the company also made what amounted to false and fraudulent claims regarding their rights (June 11, 2021). After…
Mike Tyson sues Australian streetwear retailer Culture Kings over ‘deceptive’ t-shirts
Former world champion boxer Mike Tyson sued local streetwear retailer Culture Kings for allegedly using his image to sell t-shirts without permission, brought proceedings against Culture Kings for deceptive and deceptive conduct (June 08, 2021) . After…
Practice and regulation
ACCC seeks leave to appear in Epic vs. Apple appeal
ACCC has requested leave to appear as an “amicus curiae” or as a non-party in Epic’s appeal to the Federal Court in full against the court’s decision to stay Epic’s proceedings against Apple. Epic alleged that Apple engaged in anti-competitive behavior in connection with the App Store. Apple requested that the proceedings be stayed on the grounds that an agreement between them required the disputes to be resolved in California. Judge Perram granted the suspension in April. Epic filed a notice of appeal on April 14. A hearing is scheduled for June 9, 2021
ACCC consultation: Facebook ads
Closing September 1, 2021 – The ACCC is aware of advertisements on Facebook for cryptocurrency products bearing the name or image of an Australian public figure. These ads can look like articles or posts in your Facebook News Feed. We are concerned that advertisements may be false or misleading. If you see any of these ads on Facebook, please take a screenshot and submit it to ACCC.
ACCC Note: Screen Scratch Warnings Are Not Anti-Competitive
The ACCC, responding to questions on notice as part of a parliamentary inquiry into the Special Senate Committee on Financial Technology and Regulatory Technology, said that “statements or warnings about the potential security or safety risks associated with screen scraping and password sharing do not appear to have the purpose or effect of significantly reducing competition.” On March 18, 2021, the Senate agreed: That the resolution appointing the Special Committee on FinTech and Regulatory Technology be amended as follows: That the committee present its final report no later than October 30, 2021.
COMPANIES – Directors and officers – Duties of directors – duty of care – when executive directors have adopted a “policy of maximizing discounts” – if the policy has led to buying shares independently of consumer demand – if non-executive directors failed to invest put in place internal controls to monitor CORPORATE sourcing activities – stocks – dividends – where the dividend was reportedly declared in violation of section 254T of the Companies Act 2001 (Cth) – when the dividend would have been declared in violation of the duties of the directors – if the directors can act in breach of their duties when declaring a dividend even without contravening Article 254T – if the reference to “creditor” in Article 254T includes future creditors –– meaning of the expression “material damage” in article 254T – if the assessment rule on commercial applies to the decision to declare dividends CONSUMER LAW – deceptive and deceptive conduct – if the executive directors have made deceptive and deceptive statements when negotiating the city credit – when the executive director has made statements concerning matters falling within his area of responsibility and of which he had personal knowledge – where misleading or incomplete statements – the executive director has personally engaged in deceptive and deceptive behavior on the facts DAMAGE – damage caused by deceptive behavior – evidence – when the misled party has acquired something of value as a result of deceptive conduct as collateral on a loan – bearing the burden of proof on the misled party by showing a value of the collateral below the loan value DAMAGES – damage caused by deception and deception conducted – quantification – withholding damages to be assessed as the difference between the amount loaned and the amount actually received at the time of the receivership – The payment by the receivers of the legal costs of the creditors is equivalent to a distribution in favor of the creditors.
CONFIDENTIAL INFORMATION – the plaintiffs are members of a group of companies providing information security services to the computer industry – the plaintiffs allege that the first and third defendants each misappropriated and abused the confidential information of the plaintiffs – the plaintiffs plaintiffs seek a permanent injunction to prevent further abuse – if the information was confidential – if the information was misused – whether a permanent injunction should be granted against the first and third defendants in the absence of the plaintiffs seeking remedy against others to prevent misuse of confidential claimants’ information obtained through first and third defendants. PRACTICE AND PROCEDURE – judgments and orders – CONTRACTS – construction – CONSUMER LAW – MISLEADING AND MISLEADING BEHAVIOR – whether the cross plaintiffs / defendants have made statements as to the financial benefits that the first defendant / counterclaim would be likely to derive from the taking employment with the plaintiff group – whether the representations were made – whether they were representations about future issues – whether they were misleading or deceptive – whether the first defendant / counterclaim relied on the representations and whether it has suffered loss or damage as a result.