The Full Federal Court just raised the bar on (dodgy) director perks. In a new decision, the court confirmed that a deal can be void if it benefits a director and a reasonable company wouldn’t have signed off. “Benefit” now includes indirect gains—like dodging liabilities. But even a sweet deal escapes clawback if there's a solid, commercial reason behind it. So a court will consider the relative benefits and detriments of a transaction in the commercial context which the company operates. And directors should be cautious about granting security to support related entities: Corrs

For you PPSA nerds, this one's for you. In Kirkalocka Gold v Zenith Pacific, the Federal Court weighed in on the question of perfecting a security interest. The dispute arose under a Power Purchase Agreement where Zenith designed, built, and operated a power plant at Kirkalocka’s mine. Kirkalocka later claimed ownership, but Zenith argued it had always owned the plant and perfected its security interest under the PPSA. The Federal Court agreed, finding Zenith had both actual and apparent possession. On appeal, Kirkalocka challenged the finding of apparent possession—but the Full Federal Court dismissed it, clarifying that apparent possession doesn't turn on what an observor actually knows. Instead, it’s about what the circumstances reasonably convey to an informed observer. In this case, the plant had Zenith signage, and workers in Zenith uniforms—making it clear who was in control.

The Federal Court has hit HCF Life with a $750k penalty (rough), requiring it to publish corrective disclosures after finding a pre-existing condition clause in its ‘Recover’ range of life insurance products was misleading. The clause suggested HCF could deny cover for conditions that weren’t disclosed—even if the customer wasn’t aware of their condition, contradicting protections under section 47 of the Insurance Contracts Act.

Big law firms are under fire for baking brutal hours into their business models, with junior lawyers clocking all-nighters and 78-hour weeks to hit targets. One recalled working until 5am before a holiday flight and spending their birthday lunch on the phone with their M&A team. Remember the "reasonable additional hours" fineprint in your contract? Well, the ASU says it’s being weaponised to exploit young lawyers. What’s your take?: AFR

K&L Gates has poached Tanya Denning, former Bakers Brisbane managing partner, to bolster its energy, infrastructure and resources bench. Known for advising on energy M&A, regulatory reform and transition projects, Denning joins as deal activity heats up. It’s the latest in a hiring spree that’s seen the firm add 10 new partners across Australia in the past year.

1 in 5 lawyers say they’re underpaid. Despite the post-COVID salary surge, 21% of lawyers now say their pay is below par. Lawyers Weekly’s Firm of Choice Survey reveals lingering discontent, especially among female lawyers and juniors who entered the market during the COVID-fuelled salary boom. Recruiters say the real problem isn’t stingy firms—it’s misaligned expectations now that the market’s cooled: Lawyers Weekly

Labor’s win puts Justice Michelle Gordon’s shot at chief justice on shaky ground. Despite being next in line when Stephen Gageler retires in 2028, her Coalition-appointed resume doesn’t help with a Labor government. If she’s overlooked, it’s likely the role goes to an outsider — with Andrew Bell or Stephen Donaghue now looking like real contenders: Capital Brief

And now that Labor is in, the question is— will they implement all their election promises within the 3 year term. Here are the key Labor promises they took to the election:

Cardinal Robert Prevost has been elected the next pope—the first American pontiff in history, taking the name Leo XIV. The 69-year-old Chicago native spent decades in Peru and is seen as a bridge-builder: moderate, migrant-focused, and not quite as progressive as Francis. Trump called it a “great honour”: ABC

Trump and UK PM Keir Starmer are talking up a new US-UK trade deal—but the fine print’s MIA. Trump claims $6bn in new tariff revenue and big wins for US farmers, with some relief on UK steel and car duties. A mystery Brit airline's also ordering $10bn worth of Boeings… allegedly: The Economist

Corrs: is advising Gold Road on its $3.7bn scheme with Gold Fields. Russell Phillip leads the Corrs team, having previously advised on the Silver Lake / Red 5 deal. Meanwhile, HSF is acting for Gold Fields: Australasian Lawyer

Peabody: has put its $5bn capital raise on hold, threatening to walk from its deal to buy Anglo’s Qld coal mines unless it gets clarity on the fire-damaged Moranbah North site. It’s issued a material adverse change notice and given Anglo up to 90 days to resolve the issue. The move could hit Anglo's value, increasing takeover risk off the back of BHP's failed tilt: AFR

Fonterra’s: $2bn+ Mainland Group is being eyed by foreign bidders Japan’s Meiji, France’s Lactalis and US private equity group Warburg Pincus. Japanese bidders are known to pay top dollar for Aussie consumer assets, but are slow moving in sale processes. Meanwhile, Bega’s been iced out of the data room, refusing to back down on its position for its trademark licence deal on its brand: The Australian

Perpetual: is gearing up to put its $21bn wealth arm back on the market, with Adamantem, Oaktree, and TA Associates circling. The sale—rebooted after KKR talks collapsed—could fetch $500m to $700m. With $840m in debt and $8.9bn in outflows, some reckon Perpetual should ditch the deal and cut dividends instead: AFR

Woodside copped another climate protest vote, with 19% opposing the re-election of its sustainability chair and 15% voting against pay. Just missing the 25% threshold, it’s dodged a first strike. Meanwhile, chair Richard Goyder said he was “very pleased” with the vote numbers. Activist funds like Aware Super and HESTA say climate inaction risks long-term returns, but Woodside reckons investors are back to prioritising profit over ESG: AFR

De Beers to ditch the lab-grown diamonds, with a retreat back to its natural gems. De Beers is shutting Lightbox, its lab-grown diamond brand, as parent Anglo American trims the fat ahead of a possible De Beers sale or IPO. The focus shifts back to natural gems and the old-school “Diamonds are Forever” mantra. Synthetic supply glut and China demand slump have crushed prices, forcing De Beers to cut its valuation by $4.5b: mining.com

After 9 years in the top job, ANZ CEO Shayne Elliott is swapping strategy decks for gym sessions, with no plans for another exec role or board gigs. He's proud of acquiring Suncorp, offloading 30 non-core businesses, and releasing $14bn in capital, half of which went back to shareholders. Still, the banking Royal Commission and a bond trading scandal temper the wins: Capital Brief

Zip zips past buyout talk. Zip’s CEO Cynthia Scott says it’s riding a US wave, with 80% of earnings now stateside. The BNPL player is thriving off small-ticket lending to everyday Americans, with default rates holding at just 1.3–1.5%. Klarna and Affirm once circled, but now Zip’s $2.3bn turnaround looks better solo. Australia? Still sticking around…for now: The Australian

$100m Sydney office for sale. Glory Orient Investments is testing the waters with its 75 Elizabeth Street office, aiming for a near $100m payday. The 15-storey block offers Hyde Park views and dual street frontage, and sits in a prime spot for a future resi or hotel conversion. With Sydney’s office market showing signs of life, value-hunters are circling: The Australian

Webjet: has a secret admirer, with a mystery buyer quietly building a 5% stake in Webjet and is now gunning for 10%, with Macquarie Capital offering a 37% premium. Fundies weren’t told who’s behind the grab, but term sheets hint the buying’s been underway for weeks. Webjet’s fresh off a demerger from Web Travel: AFR

OpenAI’s US$500bn Stargate project is going global, pitching data centres to US allies like the UK, France and Germany to spread “democratic AI”. He pitched the plan as a way for the US to use its lead in AI to counter China — its main global rival — by promoting democratic values like free speech, open markets, and limits on government surveillance: Financial Times

Plastic, fantastic ... and potentially litigious. The AI Barbie trend is bringing legal baggage, with claims of copyright infringement hot and ready. Mattel, Inc. owns Barbie’s IP, so using her name, look or likeness commercially (like in sponsored posts) risks infringement or deceptive marketing. Lawyers are warning: if your Barbie is billing to clients, she better be backed by a licence: Reuters