Financial Institutions + Services - Page 4 of 5

Articles

NSW EPA concedes more protection for individuals subject to “special executive liability”

In recent years, the issue of environmental protection has grown in importance. As a result, the powers of the NSW Environmental Protection Authority (the EPA) to investigate and prosecute environmental offenders (including corporations and individuals) are being increasingly applied. Last month in Fordham v EPA [2018] NSWCA 167, the EPA clarified that any responses provided […]

By : Jala Design Aug 31, 2018 Comments Off

Articles

ASIC bolsters cross border powers with landmark agreement

The Australian Securities and Investments Commission (ASIC) recently announced that it has become one of the first signatories to a new co-operative agreement between leading international securities regulators in the UK, USA, Hong Kong, British Columbia and Singapore. In our article “ASIC Bolsters Cross Border Powers With Landmark Agreement”, Special Counsel Naomi Miller reviews the […]

By : Jala Design Jul 2, 2018 Comments Off

Articles

Million dollar penalty imposed on licensee for systemic failures to address best interests duty

First time the Court has imposed a penalty on an Australian Financial Services Licensee (Licensee) for breaches of the best interests duty On 30 March 2017, Justice Moshinsky of the Federal Court of Australia (Court) delivered judgment, declaring multiple breaches of s961K(2) and s961L of Corporations Act 2001 (Act) by Licensee, NSG Services Pty Ltd […]

By : Naomi Miller Nov 3, 2017 Comments Off

Case Alerts

No duty of care to subsequent home owners. Consultants in the clear?

Ku-ring-gai Council v Chan [2017] NSWCA 226 What you need to know The New South Wales Court of Appeal has delivered a decision that creates significant difficulties for subsequent purchasers of domestic properties who seek recovery from building consultants for defective works when recourse against the builder under statutory home warranty schemes is available. This […]

By : Andrew Brennan Sep 21, 2017 Comments Off

Case Alerts

Discretionary timing of bank’s ‘target hardening’ technology deemed sound in Court of Appeal decision

Banks and other institutions invest significant amounts of time and capital in building systems, processes and procedures to plan for untoward criminal activity to ensure their staff, customers and the public are safe. Wotton + Kearney has recently represented Westpac in a matter in the ACT Court of Appeal Roberts v Westpac Corporation [2016] ACTA […]

By : Karen Jones Mar 28, 2017 Comments Off

Articles

Class Actions Update – Another Setback for MCI

On Monday, 12 December 2016, his Honour Justice Sifris of the Supreme Court of Victoria handed down judgment in the matter of Melbourne City Investments Pty Ltd v Myer Holdings Limited [2016] VSC 655. Click below to read a brief alert prepared by Cain Jackson and Edward O’Brien summarising the judgment and the implications for […]

By : Cain Jackson Dec 15, 2016 Comments Off

W+K News

Australia adopts market-based causation (aka fraud on the market) for the first time

The elephant in the room in all shareholder class actions was whether shareholders had to establish their own reliance on the contravening conduct, or could merely rely on that conduct’s effect on the market, akin to the US concept of “fraud on the market”. The NSW Supreme Court has taken a step closer towards Australia […]

By : Patrick Boardman May 6, 2016 Comments Off

W+K News

Chubb Insurance v Robinson: how to interpret a professional services exclusion

The Victorian Full Federal Court has recently clarified the operation of a professional services exclusion within a D&O policy in Chubb Insurance Company of Australia Limited v Robinson [2016] FC AFC 17. This case demonstrates that a professional services exclusion cannot be expected to exclude all risks that ordinarily fall for cover under a professional […]

By : Patrick Boardman Mar 24, 2016 Comments Off

W+K News

Section 54: It is all in the Act

Two recent decisions of the Western Australia Court of Appeal (Allianz Australia Insurance Ltd v Inglis [2016] WASCA 25) and the NSW Federal Court (Pantaenius Australia Pty Ltd v Watkins Syndicate 0457 at Lloyds [2016] FCA 1) show that section 54 of the Insurance Contracts Act 1984 is still causing trouble over 30 years after […]

By : Jala Design Feb 24, 2016 Comments Off

W+K News

High Court confirms third party claimants can join insurers to proceedings

Yesterday the High Court handed down its decision in CGU Insurance v Blakeley [2016] HCA 2, a case which considers a third party claimant’s right to join an insurer to Court proceedings against an insured for the purpose of challenging the insurer’s decision to decline cover to the insured. After reviewing conflicting authorities on the […]

By : Allison Hunt Feb 12, 2016 Comments Off

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