NSW prosecutor Sally Dowling has promoted Thomas Buckingham to acting Crown prosecutor, despite a court finding he improperly coached a sexual assault complainant on what evidence to give at trial. The ODPP says it was neither intentional nor deliberate, and that he's done "substantial professional development" since. The underlying prosecution ended in acquittal: AFR

⚖️ M&A/Disputes: Cosette is before the NSW Court of Appeal challenging Justice Black's finding that its termination of a $672m scheme implementation deed with Mayne Pharma was invalid. Walker SC argues Mayne's projected FY25 EBITDA of $69.8m lacked any reasonable basis, with CEO Aaron Gray already aware of disappointing January sales figures when the forecast was confirmed, and the number arrived at by backfilling data to meet a desired outcome rather than genuine forecasting. Mayne defends the forecast as robust, tested thoroughly in cross-examination, and supported by an unchallenged upward sales trend in its key products: Lawyerly

⚖️ Competition: The Competition and Consumer Amendment (Responding to Exceptional Circumstances) Act 2026 commenced 27 May. It gives the Minister power to declare "exceptional circumstances", unlocking a fast-tracked ACCC process for authorising competitor coordination that would otherwise breach cartel laws. Once triggered, businesses can apply for authorisation or a class exemption, with no fees and no standard consultation. Declarations last six months, are extendable, and can apply retrospectively to 1 April 2026. The test is significant harm to the Australian economy or consumers: Gilbert + Tobin

⚖️ AI/Employment: AI is now embedded in core HR functions, from recruitment to performance management, but the regulation hasn't caught up. There's no dedicated AI legislation, so employers are navigating a patchwork of Fair Work Act, anti-discrimination, privacy, WHS and consumer law obligations. Key live issues include algorithmic bias in hiring, psychosocial hazards around employees whose roles are being automated, cybersecurity risks around sensitive HR data, and the new APPs 1.7–1.9 requiring privacy policies to disclose automated decision-making affecting individual rights: Maddocks

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Anthropic is calling for a global freeze on frontier AI development, offering to pause its own work if others do the same. Co-founder Jack Clark warns AI is close to developing without human input — Claude already writes 80% of its own code, with 100% possible within two years. CEO Dario Amodei reckons there’s 25% chance that things going "really, really badly": AFR, BBC

The US-Iran truce is looking shakier by the day. Iran's Foreign Minister says "no tangible progress" has been made on finalising a deal to extend the ceasefire two months and reopen the Strait of Hormuz, even as Trump insists the two sides are in the final stages: Bloomberg

🚀 SpaceX has filed its Australian prospectus ahead of what could be the largest IPO in history, targeting a US$1.8tn (A$2.52tn) Nasdaq valuation. CommSec is lead local broker, pocketing 0.2% of allocations. Gilbert + Tobin earned $1.8m as Australian legal adviser. Mallesons took $750k advising the underwriters: Capital Brief

🧬 Jardine Matheson swooped on I-MED Radiology Network for $3.4bn, pulling the rug on Permira's two-year IPO push. Allens and Linklaters acted for Jardines. Mallesons guided Permira and I-MED through the exit. That's three big ASX float candidates gone this year. Read our deal deep dive here: Point Blank

🍁 Bank of Montreal is circling Euroz Hartleys, the WA-based stockbroker and wealth advisory firm, with a takeover proposal targeting its corporate finance arm: AFR