How much sleep does a banker need? A US court is about to decide. Centerview Partners is fighting a disability claim from analyst Kathryn Shiber. She was granted a nine-hour sleep window for her diagnosed disorder before being dismissed weeks later. The firm says 24/7 availability is part of the job. A jury will test whether that’s essential, or just Wall Street culture: CNBC

⚖️ Drafting: What is actually the difference between ‘must’, ‘shall’ and ‘will’? Australian courts consistently treat ‘must’ as the clearest way to impose a binding contractual obligation, while ‘shall’ and ‘will’ can carry different shades of meaning. ‘Shall’ has been recognised as imposing a binding obligation, but may read as a condition precedent or description of a state of affairs. Meanwhile, ‘will’ can drift into future intention or to allocate risk rather than a present duty. Courts won’t elevate form over substance, but inconsistent use invites argument. Best practice is simple, use ‘must’ (or ‘agrees to’) for obligations and apply it consistently: KWM

⚖️ Banking/payment clauses: Two recent decisions show that “manner of payment” drafting can dramatically alter risk. In a High Court decision, a borrower repaid a joint loan into an account nominated by only one of two lenders following their separation, breaching an express “account nomination” term under the Facility Agreement. Although the debt was treated as discharged, the High Court held the clause operated both as a condition of discharge and as a separate obligation governing the manner of payment — exposing the lender to damages for breach. The UK Supreme Court held that a debt never accrued because a buyer failed to provide the documentation needed to open an escrow account for a ship sale deposit within three business days of the confirmation that the escrow account was opened. Recheck your completion checklist to ensure strict compliance with the agreement: Ashurst

⚖️ Employment contracts: Governments globally are tightening the net on non-compete clauses, with bans and salary thresholds gaining momentum. Here’s a snapshot of how they’re tracking across the globe: The US Federal Trade Commission’s attempt to ban the clauses in 2024 was overturned, but California and Minnesota already run near-total prohibitions. The UK and Singapore are each weighing caps to ensure they don’t become the norm, the Netherlands may mandate 50% compensation, and Australia plans to ban non-competes for workers earning under $183,100 from 2027. Squires’ thinking is to audit restraints now as the law in this area picks up pace: Squire Patton Boggs

Trump has cranked his new global tariff to 15% just hours after the Supreme Court torpedoed the emergency powers behind his trade blitz. The 6-3 decision found the 1977 International Emergency Economic Powers Act didn’t authorise tariffs. The White House is scrambling to use a 150-day workaround under a different section to keep the levies alive. Albo branded the move “unfair”, with Trade Minister Don Farrell pledging to push back as an EU trade deal looks ensured: Reuters, Capital Brief, Sky News

Mark Zuckerberg is in the witness box over claims Meta’s platforms were deliberately designed to be addictive. Not because of the content, but because of the product. Endless scroll. Algorithmic feeds. Internal emails pushing for double-digit jumps in “time spent”. Critics say Australia’s Online Safety Act still fixates on content takedowns, not the architecture that drives compulsive use: AFR

💊 We took a closer look at the biggest ASX take-private this the AirTrunk deal. Macquarie Asset Management, along with UniSuper and Pontegadea, are betting big on Australia’s largest logistics provider Qube, with a $11.7bn scheme play. Allens steers Qube, while G+T is advising the bidder. FIRB, ACCC and a 1% break fee now sit in focus. More here: Point Blank

🛍️ eBay is buying Depop from Etsy for US$1.2bn ($A1.69bn) cash, doubling down on fashion resale and Gen Z buyers. Depop brings 7m active users, ~US$1bn annual sales and serious recommerce cred. Freshfields is advising eBay, while Fenwick is steering Etsy. Etsy exits at a discount to its US$1.6bn buy price, freeing up focus on its core marketplace: Forbes, NB

The ACCC is bigger, bolder and better funded.

In 2025, it shifted from regulatory guidance to hard enforcement, doubled down on pricing and subscription “blitzes” in retail, and laid the groundwork for unfair contract terms test cases.

Maddocks’ specialists have dropped a special 10^th anniversary wrap-up of the ACCC's high and low enforcement moments as part of their annual 12-article publication.

Learn more