The Federal Court has torched ASIC’s case against four TerraCom directors, saying it had no real prospects of success and labelling one submission “unworthy of the corporations regulator.” ASIC alleged false statements about a PwC report clearing whistleblower claims, but Justice Jackman found the statements weren’t misleading, and most weren’t even made. He also criticised ASIC’s suggestion that two directors should’ve investigated their own alleged misconduct, calling it “plainly untenable.” TerraCom paid $7.5m to settle, but the directors walked, and ASIC now faces a possible costs order or worse, a credibility dent.

The WA Supreme Court refused to grant a party indemnity costs after its “grossly excessive” delay in seeking a determination, despite being wholly successful at trial. The court said cost issues should be dealt with while the trial is fresh in the judge’s mind, not years later with a different judge and faded context. No special or indemnity costs were awarded despite noting the costs follow the event rule. A clear warning: don’t snooze on post-trial costs if you want more than the default order.

Can you secretly record your boss to justify a dismissal? Yeah nah. It’s seen as dishonest and a serious breach of trust. In a Fair Work Commission decision, an employee tried to justify recording meetings as “reasonably necessary” to protect their interests, but the FWC made clear that it was not justified when jotting down file notes would’ve done it. While the law allows exceptions in rare cases, the general rule is simple: recording without consent will almost always backfire. Employers who suspect it should weigh whether the conduct has fatally damaged trust in the employment relationship: Bartier Perry

From Telstra’s $14bn privatisation to Newcrest’s $26bn takeover, HSF Kramer has advised on Australia’s most iconic transactions. Whether it’s the Medibank IPO, BHP’s South32 demerger, or Guzman y Gomez’s blockbuster listing, the firm’s fingerprints are all over the last three decades of dealmaking. We’ve dived into HSF Kramer’s decade-defining deals. Check it out here.

MinterEllison warns AI-washing could be Australia’s next class action frontier, as companies risk misleading investors about how much AI they actually use. In the US, some firms claimed AI capability while relying on manual grunt work, and lawsuits followed. With Aussie class action promoters known to mirror US trends, AI hype may soon meet the courtroom: The Australian

Moray & Agnew has doubled its number of female partners to hit 50%, the fastest gender equity rise in the AFR Law Partnership Survey. Partner Emma Reilly credits it to flexible culture, realistic workloads, and institutional clients like insurers and government who “evolved before law firms” and understand what’s reasonable: AFR

Norton Rose Fulbright has elevated 47 lawyers across Australia and Indonesia, with 16 new special counsel and 31 senior associates across litigation, corporate, restructuring and more. The July 1 bump comes as NRF Australia merges with its EMEA arm, aiming to deepen ties and expand reach in Asia Pacific: NRF

Forget climbing the ladder. Gen Z prefers ‘conscious unbossing’, choosing work-life balance over managing teams. Research shows they’re 1.7x more likely to avoid leadership to protect their wellbeing. Experts say this mindset shift could flatten old-school hierarchies, but it also poses a succession problem for business. There’s no doubt that’s a major problem for law firms. If firms don’t adapt now, they’ll be left leaderless later: Business Insider

As Albo heads to Beijing, China’s ambassador is urging him to expand the China-Australia free trade agreement to include artificial intelligence and the digital economy, pitching it as a fix for productivity and a counter to Trump’s protectionism. But critics warn deep tech ties could lock us into Beijing’s standards and supply chains, just as the US ramps up AUKUS pressure: AFR

Elon Musk has officially launched the “America Party” after publicly breaking with Donald Trump over his mega tax-and-spend bill, which Musk says will “bankrupt the country.” The billionaire’s now threatening to unseat Trump allies in Congress, while Trump fires back with threats to pull federal subsidies. Buckle up - the bromance is fully over: ABC News

NextOre and MRead: two CSIRO-born sensor startups, have merged into MagnaTerra Technologies, now valued at $150m. The move brings cutting-edge magnetic resonance tech for detecting explosives and minerals under one roof. Backed by RFC Ambrian and CSIRO, the merged group will target mining, defence and border security: AFR

UnitingCare: is circling Healthscope’s Qld assets, joining a crowded field of buyers eyeing the collapsed private hospital group. Final bids land in September, but the winner needs deep pockets, $400m in capex and a full debt reset: The Australian*

TikTok: Trump says a deal is “pretty much” done, with talks set to kick off early this week, possibly with President Xi. The US wants ByteDance to divest TikTok’s US ops by Sept 17, but earlier plans stalled after Trump slapped China with tariffs. Now, it’s back to the negotiating table... pending Beijing’s blessing: Reuters

UBS reckons there’s “limited downside” for met coal, sparking a rally in Aussie miners. Whitehaven (+8.6%), Coronado (+16.7%), and BHP (+4.5%) led the charge. Despite sluggish demand from Asia, UBS says tighter supply could prop up prices: Capital Brief

UNESCO is set to rule on World Heritage status for WA’s Burrup Peninsula in a last-minute bid, but the federal gov’s green light for Woodside’s gas hub to run until 2070 is fuelling the fight. Indigenous group Save Our Songlines says the move proves current laws can't protect the site’s ancient rock art, while Murujuga Aboriginal Corporation backs the extension: AFR

Betashares has bought Equity Mates for $8.5m in a cash-and-equity deal, adding the finance podcast network to its investor education strategy. Founders Alec Renehan and Bryce Leske will stay on, promising editorial independence, but expect a few more Betashares ads. The network reaches 780k+ monthly and could be the first of many podcast plays: AFR

A senior manager at $7.8bn Prime Super allegedly sexually harassed multiple colleagues, with one ex-staffer claiming she was sacked after speaking up. Court docs say the manager wrote a “lover letter” and alleges the manager touched her inappropriately at a work event. Prime denies the claims and settled confidentially: AFR

Greg Goodman has launched a $4.1bn Hong Kong fund to fuel his pivot from warehouses to data centre infrastructure. With six sites already locked in, including two under construction, Goodman’s play is long-term: own the land, secure the power, and partner with global pension giants. The fund already covers 30% of HK’s data centre power capacity: The Australian

The New Vehicle Efficiency Standard just kicked in, and UBS estimates $2.8bn in penalties could hit carmakers by 2029 for breaching emissions caps. Brands that fall short risk passing the cost onto consumers, especially as diesel utes dominate sales in Aus. EV and hybrid uptake remains sluggish, raising questions about how fast Australia can transition: AFR

The flip phone is back. Nokia’s maker HMD just dropped the 2660 Flip, a phone with no apps, no doomscrolling, no distractions. Marketed to kids and seniors, but also pitched as an “always on” detox tool. A bold call in 2025, but maybe exactly what email-addicted lawyers could use: The Australian

TikTok’s prepping a new US-only app coined “M2”, dropping ahead of the forced sale deadline. Users will eventually have to switch apps by March 2026. For now, ByteDance is playing the long game. The game plan is to split the app, keep the users: Capital Brief