Easing of continuous disclosure obligations made permanent by the Federal Government
On Tuesday 10 August 2021, the Australian Parliament enacted changes to company continuous disclosure laws under Schedule 2 of the Treasury Laws Amendment (2021 Measures No 1) Act 2021 (Amending Act). Schedule 2 to the Amending Act was originally given life by: Treasurer Frydenberg’s introduction of the Corporations (Coronavirus Economic Response) Determination (No. 2) 2020, […]
ReadmoreThe High Court finds privilege against self-incrimination is thinner than most imagined – DCT v Shi [2021] HCA 22 (4 August 2021)
DCT v Shi [2021] HCA 22 (4 August 2021) http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/HCA//2021/22.html Majority: Kiefel CJ, Gageler, Gordon & Gleeson JJ Minority: Edelman J The High Court has found that the privilege against self-incrimination is thinner than most imagined, ordering disclosure of information claimed to be privileged. A witness can object to giving evidence on the ground […]
ReadmoreFalls Festival Class Action Claimants Lawyers win contingency fees
On 20 November 2020, her Honour Justice Rita Incerti of the Supreme Court of Victoria approved nearly $3.4m in costs in a $5.7m settlement in a class action against the Falls Music and Arts Festival in Victoria involving a stampede which injured revellers in December 2016. Her Honour approved the $3,369,478 costs claim of the […]
ReadmoreHigh Court adopts Exhaustion Doctrine for patent products, jettisoning the ‘implied licence doctrine’ in Australia
On 12 November 2020 the High Court delivered its much anticipated decision in Calidad Pty Ltd v Seiko Epson Corporation [2020] HCA (Calidad v Seiko). This decision is about patent rights and the extent to which they apply following the first sale of patented goods to a purchaser. When a patented product is first sold, […]
ReadmoreFSR Wrap | November 2020
As we approach the end of the year, Gadens’ FSR Team presents an update for the financial services regulatory market. This edition of FSR Wrap provides a focus on ‘business as usual’ regulations of importance to Australian financial services companies. As we look to 2021 and the introduction of a raft of legislation that has […]
ReadmoreFSR Wrap | July 2020
Gadens has launched a new financial services regulatory update publication to keep the market informed of the latest developments – welcome to FSR Wrap. Gadens has extensive knowledge and expertise across the financial services sector. In the July 2020 edition of FSR Wrap, Edward Martin, Glenn McGowan QC, Dudley Kneller and Gadens’ FSR team focus […]
ReadmoreFederal Court seeks to limit High Court’s ban on Common Fund Orders
Tensions have intensified as the Federal Court experiments with alternative funding arrangements to revive common fund orders that were rejected by the High Court in certain circumstances. On 13 March 2020, the Federal Court in McKay Super Solutions Pty Ltd (Trustee) v Bellamy’s Australia Ltd (No 3) [2020] FCA 461 (Justice J Beach) (Bellamy’s No […]
ReadmoreForfeiture of non-proprietary interests
Equity may intervene to prevent the unconscionable exercise of a right to terminate a commercial contract. Whether equity will intervene to prevent the loss of a non-proprietary interest is controversial. Recent Victorian decisions have created greater uncertainty. Equitable principles are available to restrict the entitlement of an innocent party to terminate a contract for breach […]
ReadmoreBellamy’s cry for “cost capping” in competing McKay and Basil class actions dismissed by the Full Court of the Federal Court
On 23 August 2019, the Full Court of the Federal Court in Bellamy’s Australia Limited v Basil [2019] FCAFC 147 (Bellamy’s) unanimously dismissed the applicant’s application for leave to appeal “costs capping” orders, initially rejected by the primary judge at first instance. Bellamy’s Australia Limited (BAL) is the respondent to two class actions: McKay Super […]
ReadmoreSettling a class action – common fund orders and legal costs
On 30 July 2019, Justice Parker handed down a decision in the Supreme Court of NSW class action Tredrea v KPMG Financial Advisory Services (Australia) Pty Ltd (No 3) [2019] (Tredrea) refusing both to grant a Common Fund Order (sought by the funder at a rate of 30% of the gross settlement reached) or approve the […]
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