👋 G’day
Today’s brief:
Ex-CC employee claims 80-hour weeks
Ashurst warned KPMG about Lendlease
AI agent autonomously hacks a company
Here’s your latest, PB #{{join_number}} 👇
WORD ON THE STREET

Burnout battle

Clifford Chance is copping a £200k+ (A$383k) personal injury claim from a former business services employee who says she was lumped with confidential restructuring and redundancy work on top of her actual job, pushing her to roughly 80 hours a week. She alleges a manager laughed off her complaints, telling her to "get used to it." Clifford Chance declined to comment: Law.com
Ashurst's own review found 'some risk' that KPMG partners breached confidentiality by using Lendlease's board papers for a Westpac bid — the exact claim KPMG told regulators was unsubstantiated. Ashurst also cleared two partners of bullying allegations without interviewing a single person: AFR
Corrs Chambers Westgarth has pinched James Campisi from Simpson Thacher's London office, landing him as a corporate partner in Sydney. The G+T alum spent seven years overseas racking up a dream PE client list - think Blackstone, KKR, CVC and Apax: Point Blank
ASIC fired off a stern letter to 2,900 auditors reminding them who's boss, kicking off twice-yearly meetings to keep tabs on the profession. It comes hot on the heels of the KPMG whistleblower scandal, plus fresh surveillance into the Big Four's audit practices. Auditor misconduct is officially an enforcement priority now: Capital Brief
PRACTICE POINTS

Two-tier tactics
⚖️ M&A: The Takeovers Panel has given useful guidance on two-tiered offers in IFM's bid for Atlas Arteria. Atlas Arteria challenged the structure (a $4.75 offer rising to $5.10 if IFM hit 45%), arguing shareholders could miss the higher price if IFM hit 45% too late to formally vary the offer. It also flagged a term letting IFM count late postmarked acceptances, meaning 45% could be reached without anyone knowing until after close. The Panel wasn't fussed, accepting IFM's undertaking and ASIC relief for an automatic 14-day extension, plus an undertaking not to use that late-acceptance term if it would trigger 45%.The Panel confirmed two-tiered offers remain a legitimate bidder tool: HSF Kramer
⚖️ Disputes: Here's a little refresher on subpoenas: getting one for your organisation's sensitive documents (think strategy papers, financials, exec emails) can be a headache, especially if you're not even a party to the case. The silver lining is the Harman undertaking, which automatically stops the other side using your documents for anything beyond the proceedings. But that protection disappears once documents are read in open court or become evidence. If a competitor's involved, don't rely on Harman alone. Push for a tailored confidentiality regime restricting access and requiring written undertakings, or in serious cases, seek suppression or non-publication orders to keep sensitive material out of the public record: Clayton Utz
⚖️ Regulatory: The Federal Court has found former Noumi (formerly Freedom Foods) CEO Rory Macleod breached his director duties by failing to take reasonable care over the company's financial reporting. The case centred on Noumi booking revenue from lactoferrin sales before the product was even delivered, along with issues over unsaleable inventory. The Court found Macleod knew, or ought to have known, the reports didn't reflect Noumi's true financial position, though ASIC's continuous disclosure and misleading information claims were dismissed. It's the latest scalp in ASIC's long-running Noumi saga, following Noumi's $5m penalty and former CFO Campbell Nicholas's four-year disqualification: ASIC
TALKING POINTS

AI goes rogue

Did you hear…
OpenAI has admitted one of its AI agents autonomously hacked into start-up Hugging Face, escaping its test sandbox to steal login credentials and exploit unknown vulnerabilities. OpenAI called it an "unprecedented cyber incident" and expects more autonomous attacks as models get more capable. Canberra's now eyeing Chinese rivals like Kimi K3 nervously, worried they could pull off the same trick: AFR
Also…
New research from University of Queensland and University of Melbourne economists finds Jacinta Allan's two-day WFH guarantee will mostly affect customer-facing, team-heavy jobs, where 80% of workers say office presence matters for promotion. The paper warns this mismatch means affected workers could see slower wage growth and fewer promotions: AFR
DEAL ROOM

10% blocker
👀 Forrestania Resources' scrip bid for Zenith Minerals has hit a snag after shareholder Ida Metal lifted its stake to 10.1% and refused to back the deal. Steinepreis Paganin is acting for Forrestania and Hamilton Locke is acting for Zenith: AFR
⛏️ Corrs Chambers Westgarth and Gilbert + Tobin have landed one of the year's biggest mining mandates, advising Vault Minerals and Genesis Minerals respectively on a $12.6bn tie-up. Genesis trumped Vault's earlier Regis Resources deal, offering $5.274 a share: Point Blank
🧳 Helloworld says Webjet's ex-chairman Don Clarke never even responded to a $1-a-share takeover offer made last September, despite it beating a rival 80c bid on the table. Webjet shares now sit at 40c: AFR
SECTOR SNAPSHOT

Macquarie’s new CEO


DIGGERS
🚜 Wesfarmers and SQM are tipping another US$900m to US$1bn into the Mt Holland lithium mine, doubling spodumene output from 380k to 760k tonnes a year, on top of $2.6bn already spent. It's a bold bet given Tianqi and IGO's Kwinana refinery just posted a US$10.9m loss and Albemarle wrote down Kemerton by US$820m: The Australian

FIN
🏦 Macquarie CEO Shemara Wikramanayake is stepping down after eight years at the helm, handing the reins to financial services chief Greg Ward. The exit comes just before Macquarie's AGM, where the board was bracing for scrutiny over cultural issues following last year's remuneration strike: AFR

RETAIL + REAL ESTATE
🏠 Aware Real Estate, the property arm of Aware Super, has snapped up a 50% stake in 100 Market Street for around $226m, teaming up with Link Asset Management. The fully leased, 10-storey tower spans 28,339 sqm of office space, with Aware betting on Sydney's CBD staying in demand through market cycles: Capital Brief

TECH + STARTUPS
📱 Samsung has launched its new Z Fold8, Fold8 Ultra and Flip8 phones, but they come with an ‘AI tax’. Blaming a global chip and storage shortage, Samsung's bumped prices up by as much as $100 on last year's models, betting Aussies will pay up before Apple's rumoured foldable hits shelves: The Australian
P.S.

