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Legal
Bank of America to pay US$72.5m in Epstein case
The Bank of America has agreed to pay US$72.5 million (A$105.3 million) to settle a civil lawsuit brought by victims of Jeffrey Epstein. The lawsuit alleges that the Bank of America provided banking services to Epstein and his sex-trafficking operation. Presiding judge, United States District Judge Jed Rakoff, will hold a hearing in April to determine whether to approve the settlement. The deal does not include an admission of liability by the bank. “While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” a Bank of America spokesperson told NBC News. According to the court records, the plaintiffs’ lawyers might seek up to 30% of the settlement, or around $21.8 million, for legal fees. The Bank of America denied claims made by Epstein’s victims, claiming the bank merely provided routine services to people who at the time had no known links to Epstein. Rakoff ruled in January that Bank of America must face claims that it knowingly benefited from Epstein's sex trafficking and obstructed enforcement ⁠of the federal Traf
Legal
Macquarie failed to watch Shield closely, court finds
Macquarie Group (ASX: MQG) unit Macquarie Investment Management Limited (MIML) contravened the Corporations Act by failing to place the Shield Master Fund on a watch list for heightened monitoring, the Federal Court has found. The Australian Securities and Investments Commission (ASIC) said Justice Michael Wheelahan made declarations that MIML should have placed the Shield investment options on a watch list so that they could be subject to further monitoring, such as additional reporting, due diligence, performance monitoring or other follow-up action. ASIC launched legal action against MIML after accepting a court-enforceable undertaking that it pay 3,000-plus members all they invested in Shield, less any amounts withdrawn, with about $321 million paid in September last year. The collapse of Shield and the First Guardian Master Fund cost investors more than $1 billion. Deputy Chair Sarah Court said the outcome was another important milestone in ASIC’s 2026 enforcement priority related to the collapse of Shield. “Superannuation trustees play a crucial role safeguarding the retirement savings of their members,” Court said in a media release. “Australians expect super trustees to take the steps necessary to monitor
Legal
Star Entertainment executives breached duties
Two former senior executives of Star Entertainment (ASX: SGR) breached their duties in their handling of money laundering and criminal activity risks at one of Australia’s major casinos, a court has found. The Federal Court found former Chief Executive Officer and Managing Director Matthias Bekier and former Chief Legal & Risk Officer Paula Martin breached their duties under section 180 of the Corporations Act 2001. But the court dismissed the Australian Securities and Investments Commission's (ASIC) case against seven former non-executive directors after finding they did not breach their duties, ASIC said. ASIC Chair Joe Longo said the regulator pursued the case because of the questions it raised about trust, governance and accountability at Star, which operated the Star Sydney casino, among others. “The Court found that senior executives have a critical responsibility to identify serious risks, ensure those risks are properly managed, and escalate them to the board,” Longo said in a media release. “ASIC will always require directors and executives to meet the highest standards of corporate governance because of the crucial role they play in maintaining trust.” ASIC will ask the court to impose a financial penal
Legal
Italy seeks damages from ArcelorMittal over steelworks
The Italian government has stepped up its legal fight with ArcelorMittal, seeking €7 billion ($8.17 billion) in damages over the running of the country’s largest steel plant, formerly known as ILVA, as it looks for new owners to stabilise the ailing business. State-appointed administrators of Acciaierie d’Italia (ADI), which took over the steelworks in early 2024, have filed a lawsuit in a Milan court accusing the world’s biggest steelmaker of mismanaging the company during its period of ownership. The claim marks a sharp escalation in a long-running dispute over the future of the sprawling steel complex, which is seen as strategically vital for Italy’s manufacturing sector. Prime Minister Giorgia Meloni’s Government has warned that shutting the plant would send shockwaves through supply chains, from automotive to construction. According to the complaint, forensic due diligence carried out by the commissioners found that ADI’s financial problems were not accidental but stemmed from decisions taken under ArcelorMittal’s control. The administrators allege funds were systematically siphoned away from the Italian business to its parent company, leaving the steelmaker weakened and cash-strapped. Italy’s industry min
Legal
Lowe's fined US$12.5m for alleged lead paint violations
United States home improvement company Lowe’s will pay a US$12.5 million (A$19.35 million) civil fine to resolve U.S. government allegations that contractors hired by the company failed to take appropriate safety measures when renovating homes containing lead paint. The Justice Department and Environmental Protection Agency (EPA) said the violations occurred between 2019 and 2021 and affected home renovations in 23 U.S. states, violating the EPA’s Lead Renovation, Repair and Painting Rule and a 2014 consent decree. “Careless handling of lead paint endangers the health of children and other Americans. The stiff penalty Lowe’s will pay reflects the importance of using certified firms and contractors in older home renovations,” Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD) said. Lowe’s denied wrongdoing in agreeing to Tuesday’s settlement, which includes a new consent decree. Residential lead-based paint use was banned in 1978, and firms renovating older homes must use certified firms and renovators to minimise residents' potential exposure to lead paint chips and dust. Lowe’s allegedly failed to warn the resident about the risks

Legal
Trump backs ending quarterly earnings reports
United States President Donald Trump has said companies should not be required to provide quarterly earnings reports, claiming a switch to semiannual reporting would save money. This would be subject to approval by the Securities and Exchange Commission (SEC), and could be altered either by the SEC or by Congress. Trump previously asked the SEC to study a potential change during his first term, though no change was made. “Subject to SEC Approval, Companies and Corporations should no longer be forced to ‘Report’ on a quarterly basis (Quarterly Reporting!), but rather to Report on a ‘Six (6) Month Basis,’ he wrote on Truth Social. “This will save money, and allow managers to focus on properly running their companies.” The SEC said it was “prioritising this proposal to further eliminate unnecessary regulatory burdens on companies”, at Trump’s request. The agency said earlier in 2025 that it was considering possible rule changes to “rationalise disclosure practices”. The Long-Term Stock Exchange, a shares trading venue, also said last week that it would ask the SEC to shift to semiannual reporting requirements. The SEC first began requiring quarterly reporting in 1970, increasing from semiannual reporting. A re
Legal
The Founders: Melanie Vairawanathan's unique take on law
As a mother and first-generation immigrant, Melanie Vairawanathan has a unique view on how to combine life and work. Vairawanathan completed her secondary education in Colombo, Sri Lanka before moving to Melbourne to complete her Bachelor of Laws at Monash University, before becoming a lawyer in 2013 and climbing the ladder. She then started her own firm, Melmark Law, with a passion for providing support for victims of family violence, where she recently won Gold in the Legal Services category at the 2025 AusMumpreneur Awards.Starting her own businessVairawanathan’s first reason for entering the A$33.6 billion Australian market was to create more work-life balance when starting her family. “I've got a really good support system,” she says. “Thing is, you need a village and I’ve got a very supportive partner, and my mum was with me for the first nine months after the baby was born. “I've got very like-minded, amazing ladies who are there to back me through everything.”Credit: UNTMDWith her experience of living through an abusive relationship and being a first-generation immigrant from a vibrant Sri Lankan household, Vairawanathan decided to focus on family law, where she felt she could add a personal touch. “I've
Legal
Guilty plea entered in ASIC pump-and-dump case
ASIC has secured guilty pleas from four individuals involved in a "pump and dump" case. The term refers to a coordinated scheme where share prices are inflated before being sold at new and inflated prices. Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf all pleaded guilty in the Downing Centre Local Court yesterday, to charges of conspiracy to commit market rigging. They also admitted dealing with crime proceeds. Quinlan, Stuart and Summer were involved in the conspiracy to commit market rigging between August 2021 and about September 2021, and Yusuf later on in September. They face a maximum penalty for conspiracy of 15 years’ imprisonment and a fine of over $1 million. The case will next head to Sydney District Court on July 21 to obtain a date for a sentence hearing. "ASIC takes breaches of the market manipulation rules very seriously and as demonstrated in this matter, we will not hesitate to take enforcement action where appropriate", said ASIC Chair Joe Longo on the guilty pleas.
Legal
The Founders: Gallant Law helps with 'holistic' approach
The Founders showcases the inspiring journeys of visionary entrepreneurs who turned ideas into thriving businesses. Dive into captivating stories and insightful interviews with founders and CEOs, as they share their challenges, triumphs, and industry insights in this ongoing series. To criminal lawyer Lauren Cassimatis, supporting your clients shouldn’t just stop at the courtroom. Cassimatis founded Melbourne-based Gallant Law in 2019, specialising in “holistic legal services”. “We don't just think about our clients’ court cases, we think about their future,” she tells Azzet. Once a one-person operation, the firm now has three offices across Victoria, as well as in Brisbane, Sydney, and Launceston. All legal practice areas saw demand grow in Australia over fiscal year 2024, with demand in Melbourne up 9% year-on-year. Overall industry revenue is expected to reach A$33.6 billion in 2025.Gallant’s launchCassimatis started Gallant Law in her 15th year as a lawyer. At the time, she was in a management role at Victoria Legal Aid, specialising in serious offences on the Indictable Crime team. “I started to notice the gaps in terms of legal representation and customer service,” says Cassimatis. More could be done to addres