Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Commonwealth Bank of Australia (No 2) [2021] FCA 966 File number: NSD 1275 of 2020
Judgment of: LEE J
Date of judgment: 16 August 2021
Catchwords: BANKING AND FINANCIAL INSTITUTIONS –assessment of pecuniary penalty – principles applicable to imposition of punitive orders requiring adverse publicity under s 12GLB of the Australian Securities and Investments Commission Act 2001 (Cth) – form of adverse publicity notice – need to rethink form in which information is communicated to public – likely consequences of publishing an adverse publicity notice to a corporation's mobile application
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12GLA, 12GLB Australian Consumer Law s 246(2)(d)
Cases cited: Australian Competition and Consumer Commission (ACCC) v Aveling Homes Pty Ltd [2017] FCA 1470 Australian Securities and Investments Commission v Commonwealth Bank of Australia [2021] FCA 423 Australian Securities and Investments Commission v Hellicar [2012] HCA 17; (2012) 247 CLR 345 Blatch v Archer (1774) 1 Cowp 63 Lenthall v Westpac Banking Corporation (No 2) [2020] FCA 423 Medical Benefits Fund of Australia Ltd v Cassidy [2003] FCAFC 289; (2003) 135 FCR 1 Precision Plastics Pty Limited v Demir (1975) 132 CLR 362 Quintis Ltd (Subject to Deed of Company Arrangement) v Certain Underwriters at Lloyd's London Subscribing to Policy Number B0507N16FA15350 [2021] FCA 19; (2021) 385 ALR 639
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