Toyota is coughing up $750m to settle two diesel filter class actions, the biggest payout in Aussie history, eclipsing Robodebt. Quinn Emanuel acts for owners, Ashurst Perkins Coie for Toyota. The settlement is nearly double its local after-tax profit. But group members shouldn’t pop the champagne yet — funder Balance Legal Capital wants a $244m cut plus $35m in costs: Point Blank

⚖️ M&A: The NSW Court of Appeal has unanimously dismissed Cosette Pharmaceuticals’ appeal in its bid to walk away from its $7.40-a-share scheme with Mayne Pharma. Cosette couldn’t reframe its misleading conduct claim on appeal, because parties are held to the case they ran at trial. On the MAC, an event’s effect on Maintainable EBITDA must account for all its financial consequences, including cost savings, and the hit didn’t reach the $10.76m threshold. By backing the scheme at the First Court Hearing, knowing the facts and without reserving its rights, Cosette had also affirmed the deal. Gilbert + Tobin acted for Mayne and Quinn Emanuel for Cosette: Supreme Court of NSW, G+T

⚖️ Heritage: The Federal Court has struck down a 2024 Aboriginal heritage protection declaration that halted part of Regis Resources’ billion-dollar McPhillamys goldmine in NSW. Former environment minister Tanya Plibersek made the s 10 declaration over 400 hectares of the site, including where Regis planned its tailings dam. Stellios J found that information relied on to support the application, including a Dreaming story, amounted to a new application. That should have been referred to a govt reporter and put out for public consultation, so the minister acted without authority. The ruling says nothing about the merits, and current minister Murray Watt must now decide the application again: ASX, ABC News

⚖️ Competition: The ACCC has sued Sunny Queen, Australia’s biggest egg supplier, and 11 other egg producers and suppliers in the Federal Court. It alleges that since at least 2020 they coordinated on production volumes, distribution, expansion plans and even when to cull birds to manage perceived oversupply. It’s the first ACCC case to run concerted practice allegations since the prohibition landed in 2017. That’s a lower bar than proving an “understanding”. The ACCC also alleges Sunny Queen, Hall and McLean Farms jointly bought a Pittsworth property to keep it from rivals. Penalties and injunctions are sought: ACCC

We are a specialist legal recruitment agency with a reputation for excellence. We focus on Big Law recruitment across Australia and key international legal markets, including the US, UK, Asia, UAE and Cayman Islands. ‘Recrevi’ means to grow again. To find the next growth point in your career or business with the right people, advice and support to get you there.  

Recrevi Group was born with a clear purpose – to be a distinctive space for legal professionals exploring new paths and organisations seeking exceptional talent. We believe in more than just matching skills; our intention is to nurture personal and professional growth moves.  

Explore your next move with Recrevi →

OpenAI has a spy problem. The FBI have arrested Saudi national working at OpenAI after a recording device was found hidden in its San Francisco HQ. It was tucked into the back of a TV in an executive conference room, wrapped in toilet paper. It’s fuelling fears that US AI labs are now prime espionage targets: AFR

Aussie fintech founders are hitting up mum and dad. FinTech Australia’s annual census of 135 fintechs found more have raised money from friends and family (28%) than from VC funds (24%). Not surprising when the money is so concentrated: 91% of the $1.7bn invested in fintech last year went to just ten companies: Capital Brief

⛏️ AIM Mining, billionaire Mark Creasy’s Pilbara gold producer, has tapped Canaccord Genuity and Euroz Hartley to test appetite for a $1bn-plus ASX float. It’s raising about $200m and comes right after Wiluna Mining closed its $180m IPO: AFR

🚗 IAG is having another crack at its $1.4bn takeover of RAC Insurance. After the ACCC blocked the deal, it’s pitched a public benefits case, offering to sell NRMA’s WA home and motor policies, expand cover in the state’s north and chip in $20m for a community resilience fund: Capital Brief

BHP is making 300 roles redundant across its Pilbara iron ore mines, including South Flank, Newman and Jimblebar, as prices slide 14% this year and fuel and shipping costs climb. BHP blames Middle East conflict for a cost environment that’s “shifted materially”. Rio Tinto says diesel’s added $1 a ton to its operating costs too: Bloomberg

Bank of America has copped a US$1.2bn fine for breaching US anti-money laundering and sanctions laws, admitting it wilfully failed to report over US$5bn in suspicious activity. It’s the third-largest penalty ever from the US Treasury’s Financial Crimes Enforcement Network: CNN

OUE REIT is set to use its pre-emptive rights to buy Ping An’s 50% stake in Sydney’s Salesforce Tower for about $864m, valuing the skyscraper at $1.73bn. It’s a confidence boost for prime CBD towers, with Dexus and Brookfield also bringing offices to market: The Australian

ASIC has dropped its insider trading probe into WiseTech co-founder Richard White, who sold 1.8m shares worth about $229m during a blackout period. White says he got legal advice first. Two employees were also cleared, but a third is still under investigation. White still faces a separate AFP probe: AFR