Ashurst Perkins Coie has planted its flag in Houston, the US energy capital, snapping up energy partner Tom Tomlinson and real estate partner Tamara McKinzie. It’s the firm’s third Texas office. HSF Kramer is eyeing the same turf, with chair Rebecca Maslen-Stannage wanting a Texas office within two years: Point Blank

⚖️ Corporate: Former Rex executive chairman Lim Kim Hai has been hit with an $800k penalty and a four-year disqualification for misleading the market. Lim admitted that Rex’s February 2023 announcement forecast a profit when the airline was on track for a $35m loss, despite him having seen dire cashflow reports. He also admitted continuous disclosure and directors’ duty breaches, while three of Rex’s non-exec directors were cleared. Although the penalty was agreed with ASIC, Black J of the NSW Supreme Court still had to be satisfied it was within the permissible range, noting the facts could have justified more: AFR

⚖️ Employment: Discretionary perks can strip employees of unfair dismissal protection. Employees not covered by an award or enterprise agreement can only bring a claim if they earn under the $183.1k high income threshold. In Khalif v Amazon Web Services Australia, a former AWS employee’s salary, signing bonus and insurance premiums came to $181.1k. The Fair Work Commission then considered $4,645 in commuter reimbursements paid under a discretionary policy. Because they were discretionary and claim-dependent, they weren’t “earnings”. But the Fair Work Regulations let the FWC count other benefits, and because this benefit was substantial, the FWC included it. That tipped him over, and his claim was tossed: FWC

⚖️ Class Actions: HSF Kramer’s latest survey shows class action risk is now a board-level issue. Over half of respondents rated their concern about their organisation’s class action exposure at 4 or 5 out of 5, yet 60% said their board doesn’t receive regular, dedicated briefings on it. Shareholder disclosure claims remain the top worry, while 49% ranked cyber in their top three risks, rising to 68% in financial services. Regulator action is still a strong predictor of class actions, with enforcement findings often giving plaintiff firms the foundation for follow-on claims. On AI, only a third flagged concern, but 63% have no AI-specific mitigation measures: HSF Kramer

Independent MP Helen Haines has lost a leg after a driver allegedly U-turned and rammed her twice outside her electorate office. Brendan Nugent, 43, is charged with two state offences plus causing harm to a Commonwealth public official, and Victoria Police won’t rule out attempted murder: The Guardian, ABC News

Vic Premier Ben Carroll drove off without paying for petrol on Monday night and only found out when police came calling. He’s since paid the bill and put it down to a rough day after the Haines attack. Happens to the best of us, even premiers.

🚀 SpaceX and Tesla have formed special committees to study a potential merger of Elon Musk’s two listed companies. Musk reckons a tie-up would be “a good idea”, but says he’s sitting out both boards’ discussions as a conflicted party: AFR

⛏️ JWS and Allens are on either side of New Hope’s all-scrip scheme for unlisted coal miner Malabar Resources, valuing it at $1.8bn ($2.4bn EV). JWS’ Damian Reichel leads for New Hope, with Allens’ Guy Alexander and Richard Malcolmson acting for Malabar: Point Blank

⚡️ Blackstone and IFM Investors have joined a crowded race for Rio Tinto’s $7bn power assets in WA and Canada. IFM, advised by Macquarie Capital, is eyeing the Pilbara plants, while Blackstone wants the lot. Ares, GIP and KKR are also in the mix: AFR

BHP has vowed to double Australian copper output by 2040, committing $1.1bn in pre-commitment funding to a new concentrator at Chile’s Escondida mine. Meanwhile, diesel is dulling the gold rush. Regis Resources says its cost to produce each ounce jumped almost 30% to over $3,600, with rival Bellevue Gold up 20%: AFR

Macquarie Capital has dumped star infrastructure dealmaker Tom Butcher and axed the head of infrastructure role, insiders calling the restructure a power play over succession. It follows senior defections to Jefferies and Goldman Sachs, with calls for an external culture review: AFR

Stockland, Australia’s largest listed residential developer, saw housing estate inquiries plunge 71% in the September quarter, below even the 2022/23 rate-hike trough. CEO Tarun Gupta blames rate rises and the government’s budget property tax changes. Shares fell 4%: The Australian

Firmus co-founder Oliver Curtis privately sought a gas supply deal with Beach Energy for its SA data centres, a week after publicly championing renewables, FOI documents show. Meanwhile, ASIC is “undertaking inquiries” into the AI startup’s failed $44bn ASX float, though a formal investigation isn’t yet on foot: The Australian