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👋 G’day

Today’s brief:

  • Ashurst lawyer backdates insurance claim

  • Coles challenges ACCC’s merger decision

  • Chicago uni bans laptops in law lectures

Here’s your latest, PB #{{join_number}} 👇

WORD ON THE STREET

Backdated and busted

A UK Ashurst Perkins Coie banking lawyer has been struck off for trying to claim insurance on a bike stolen hours before he retroactively added it to his policy. He later tried to cancel the claim, blaming a “misunderstanding.” The tribunal wasn’t swayed. He copped a £20,757 costs order and his career: NB

  • KPMG’s CEO shortlist is down to CFO John Sams, APAC head of tax & legal Ben Travers and consulting national managing partner Brad Miller. The bigger problem is that only the chair can recommend a CEO, and that seat’s been empty since Martin Sheppard quit. Some partners reckon the firm needs an outsider, and are weighing legal options if a CEO gets appointed outside the required process: AFR

  • To use or not use AI? University of Chicago is banning laptops and phones from first-year law lectures, worried its future lawyers are outsourcing their brains to AI. The school still wants grads AI-fluent for practice, just not AI-dependent for thinking: Legal Cheek

PRACTICE POINTS

Coles fights ACCC

⚖️ M&A/Competition: Coles has launched the first challenge to a decision under the ACCC's new merger regime, applying to the Australian Competition Tribunal to review a ruling that blocked its lease of a Kalgoorlie site for a second store. The ACCC found the new store could force a rival out and remove a "material competitive constraint" in a town already served by six supermarkets. Bird & Bird's Thomas Jones says the case has real stakes for Coles and Woolworths' future site acquisitions, since the regime requires notification even where there's no change of control. Coles' case is being led by HSF Kramer's Liza Carver, a former ACCC enforcement commissioner: Capital Brief

⚖️ Privacy: The OAIC has closed its near year-long preliminary inquiry into Qantas' 2025 data breach without taking any regulatory action. The regulator found no evidence Qantas failed to take reasonable steps to protect customer data, or that it failed to ensure its overseas third-party provider complied with the Australian Privacy Principles. Commissioner Carly Kind pointed to Qantas' swift containment under its incident response framework and solid post-breach remediation, including forensic analysis and staff training, as reasons a full investigation wasn't justified. The breach affected 5.12 million Australians: Lawyerly

⚖️ Employment: Employees aged 55 and over have a statutory right to request flexible working arrangements under the Fair Work Act. But eligibility alone isn't enough. There must be a genuine connection between age and the request. In Paul Murray v Watpac Construction, a 67-year-old construction manager sought a four-day week to plan for retirement and write novels. Watpac argued the request was to pursue a commercial venture, not about age. Commissioner Simpson disagreed, finding Murray's desire to wind down towards retirement and free up time for personal projects was enough. The decision confirms the connection between age and a flexible work request can be broader than a direct reduction in hours or an immediate retirement plan: CG Law

TALKING POINTS

Rich list

Did you hear…

Andrew Forrest is back on top of the AFR’s Rich Bosses list, which ranks ASX 300 execs by their shareholding value. His Fortescue stake jumped 25% to $7.97bn, reclaiming number one after three years away, while Richard White's WiseTech fortune dropped 71%, down $9.4bn, on governance concerns and an ASIC probe. Chris Ellison climbed from 15th to 10th, MinRes shares up 191% despite ongoing ASIC and ATO investigations: AFR

Also…

The UK is rolling out a midnight to 6am social media curfew for 16 and 17-year-olds, on top of its under-16 ban landing in 2027. Technology Secretary Liz Kendall says it's about giving kids proper sleep and letting them focus at school. The move follows with the EU drafting a law to ban kids under 13 from social media: TDA, Capital Brief

DEAL ROOM

Uber buys rival

🍔 Uber is snapping up Delivery Hero for €13bn, creating a combined platform spanning 99 countries. To clear antitrust hurdles, Delivery Hero is carving out its businesses in 14 overlapping markets and selling them to private equity firm SSW Partners for €1.4bn. There’s a whole band of lawyers on this one — Sullivan & Cromwell and Clifford Chance advised Delivery Hero, and Freshfields, Wachtell and Cooley repped Uber: Capital Brief, Delivery Hero, Uber

🙊 EQT's revised $2.55bn bid for Perpetual came with an unusually strict confidentiality clause, warning it'd be "automatically withdrawn if disclosed". Perpetual promptly disclosed it anyway, and the offer's still on the table. Ashurst's Andrew Kim says the rationale is "unclear", leaving Perpetual arguably stuck weighing up a "deemed withdrawn proposal": Capital Brief

SECTOR SNAPSHOT

$1 trillion bank

DIGGERS

🚜 BHP's copper party has hit a snag. The miner expects production to fall by up to 15% this year, wiping $7.2bn off its shares, after a conveyor breakdown in South Australia and weaker ore quality in Chile. New boss Brandon Craig says the company isn't changing course, and copper growth is still the plan: AFR

FIN

🏦 JPMorgan is edging towards becoming the first bank ever valued at US$1tn, currently sitting at around US$919bn after a record earnings report sent shares to an all-time high. The bank’s dominance in dealmaking and lending now has it chasing tech giants like Tesla and Meta into the trillion-dollar valuation club: Reuters

RETAIL + REAL ESTATE

🏠 ALDI has agreed to a $55m settlement with 32,000 workers over unpaid pre- and post-shift duties, in a union & class action brought by the SDA union and lead applicant Kelly Boi. ALDI's already paid $28.9m, with a further $26.3m plus interest to follow — no legal costs or funding commission will be deducted, so it all goes to workers: Lawyerly

TECH + STARTUPS

📱 Netflix spooked investors with a second straight quarter of slowing sales growth, forecasting $12.9bn in revenue against a backdrop of a "months-long drought of new hits". Shares dropped as much as 9% after-hours, adding to a 40% slide over the past year as its Warner Bros Discovery pursuit rattled Wall Street's confidence: Bloomberg

P.S.

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