
👋 G’day
Today’s brief:
Minters named top firm for senior lawyers
Clayton Utz loses 30-year disputes veteran
ASIC's greenwashing win lands $7m penalty
Here’s your latest, PB #{{join_number}} 👇
WORD ON THE STREET

Seniors choose Minters

MinterEllison takes the crown as the firm senior lawyers most want to jump to, with Gilbert + Tobin close behind and Mallesons surging to 3rd. But love doesn't pay the bills: not one lawyer over 40 rated their pay "good" or "excellent", a brutal flip from 77% positive just last year. See the full breakdown here: Point Blank
KPMG is paying for lawyers to advise the very partners it's pushed out over the auditor scandal, including Corrs advising ex-COO Eileen Hoggett ahead of Friday's senate hearing. Awkward part: Hoggett's now considering legal action against KPMG: AFR
Squire Patton Boggs has pinched veteran litigator Scott Crabb from Clayton Utz for its Perth bench, 30+ years deep in complex commercial disputes, including the Clive Palmer WA Mineralogy Act saga. It's the latest in a hiring spree spanning Madrid, London and Perth: Point Blank
PRACTICE POINTS

ASIC strikes again
⚖️ Greenwashing: The Supreme Court of NSW has hit Fiducian Investment Management Services with a $7.3m penalty. It's ASIC's fourth greenwashing win and the first against a fund operator for governance failures. FIMS breached its care and diligence duty as responsible entity of its 'Diversified Social Aspirations Fund', and made misleading ESG claims while quietly holding fossil fuel investments through underlying funds from 2019. Investors raised concerns as early as 2019, but FIMS never corrected its 'ethical' marketing. Looks like penalties for greenwashing are only getting heavier: ASIC
⚖️ Insolvency: The NSW Court of Appeal has upheld a ruling that Westwood Capital must repay $5m it received as a deposit under a $100m property deal with Portman Securities, later liquidated. Westwood tried to rely on the good faith defence in s 588FG(2) of the Corporations Act, which protects recipients who act in good faith, have no reasonable grounds to suspect insolvency, and give value in return. Westwood's director claimed he'd checked Portman's finances beforehand, but his evidence was rejected as unreliable, leaving no real basis for the defence. The Court also noted the pair's close personal relationship undercut any claim Westwood couldn't have known Portman was in trouble: Maddocks
⚖️ Disputes: In the One Central Park defect litigation, the builder argued it couldn't be sued because the claim was brought outside the statutory limitation period, the time limit within which a legal claim must be filed. It wanted this limitation defence heard early as a standalone issue, accepting the respondents' factual case for the sake of argument and asserting the claim would still fail at law. The NSW Supreme Court said no. Rees J found the defence involved mixed fact and law, so evidence and discovery were still needed. Any 'time savings' were illusory given an appeal was likely on the roughly $200m claim anyway. Limitation defences only get early treatment in the 'clearest of cases': MinterEllison
TOGETHER WITH LEGORA


Final day of Grounds of Appeal, Legora's pop-up cafe at Artistry Garden, One Farrer Place. Every coffee is free until 11.30 AM.
If you missed yesterday, this is your last chance to appeal. Come down, order your usual, and meet the team behind the AI workspace that law firms and in-house legal teams around the world use to review, draft, and research.
Grounds of Appeal finishes at 11.30 AM sharp, and this bench doesn't grant extensions. No sign up, no promo code needed.
Adjourned until next time.
Learn more about Legora here.
TALKING POINTS

Paywall problem

Did you hear…
Trump's turned Truth Social into a paywall for his own government announcements, and now he's being sued for it. Trump Media wants US$60k to US$100k a month for early access to his market-moving posts, and Trump personally profits given his roughly US$1bn stake. The Intercept and Freedom of the Press Foundation have now sued, arguing it's a First Amendment breach: Bloomberg
Also…
NSW wants take-home assessments scrapped for Year 12, blaming AI for gutting the HSC's integrity. The NSW Education Standards Authority has been told to suspend unsupervised take-home tasks by Term 4, right as the next HSC cohort starts, alongside a broader review into AI's effect on kids' learning: TDA
DEAL ROOM

Three’s a crowd
🚗 FleetPartners is now fielding three suitors after Japan's Orix jumped in with a $3.80-a-share offer, valuing the vehicle leasing group at around $812m, matching Element Fleet Management's bid. PEP-backed SG Fleet leads with $4 a share. HSF Kramer are advising FleetPartners: Capital Brief
👗 Cue Clothing is back on the market just 16 months after Hilco Capital snapped it up from its founding Levis family, with FTI Consulting running the sale. Revenue climbed to $103.2m and losses narrowed to $5.1m under new CEO Melanie Remai: AFR
♻️ Australia's largest waste collection company Cleanaway has waved through exclusive due diligence for EQT Infrastructure after the Swedish giant lobbed a $9.4bn buyout offer at $3.13 a share, a 32.1% premium: AFR
SECTOR SNAPSHOT

Domino’s appeals


DIGGERS
🚜 Elliott Management has lined up ex-Anglo American boss Mark Cutifani as one of several new independent directors it wants added to Northern Star Resources' board, as the hedge fund pushes for asset sales and a strategic review. Elliott says it's "about fortifying Northern Star and its board for the long term": The Australian

FIN
🏦 While the big four brace for earnings pain from a softening property market, non-bank lenders are piling in. The likes of Pepper Money (fresh off buying Westpac's RAMS portfolio) and Macquarie (growing lending 27% a year) are unencumbered by APRA rules and deposit constraints, letting them scoop up borrowers the majors can't chase: Capital Brief

RETAIL + REAL ESTATE
🏠 Domino's is appealing a Federal Court ruling that it underpaid staff by misrepresenting how its enterprise agreements applied. Lead applicant Riley Gall was awarded $11,869.33 plus interest and costs, but he's just one of a broader class of delivery drivers and in-store workers Domino's says it can't yet quantify what it owes: Capital Brief

TECH + STARTUPS
📱 Heidi Health, the AI medical notes start-up, is raising over $100m at a valuation above $1bn, up from $700m just last October. Its revenue has jumped to $60m a year, putting it on track to become Australia's next unicorn, joining the likes of Advanced Navigation and Gilmour Space: AFR
P.S.

