Draft legislation intended to strengthen penalties for corporate and financial sector misconduct has passed the Senate and is poised to pass the House of Representatives imminently. The legislation will triple maximum prison terms for serious offences to 15 years, with terms also increased for a number of other offences
A group of investor litigants has been permitted by a Full Court of the Federal Court to plead “market-based causation” in proceedings brought to recover losses which the investors claimed to have suffered as a result of misleading or deceptive prospectus materials and financial statements issued in contravention of the Corporations Act 2001 (Cth).
The scope of the proportionate liability regimes in Div. 2A of Pt. 7.10 of the Corporations Act 2001 (Cth) and in Pt VIA of the Competition and Consumer Act 2010 (Cth) has recently been confirmed by the High Court and NSW Court of Appeal respectively.