👋 G’day

Today’s brief:

  • Woolies faces ACCC in discount fight

  • Court strikes down anti-protest laws

  • Tim Cook steps down after 14 years

Here’s your latest, PB #{{join_number}} 👇

WORD ON THE STREET

Woolies discount trial

Mallesons is acting for Woolworths in its Federal Court fight this week, defending its "Prices Dropped" program, with the ACCC alleging discounts on Tim Tams, Oreos and Lucky Dog bones were never real. Eleven managers face the witness stand, Robert Yezerski SC leads the defence, and the "baby-faced assassin" Michael Hodge QC is swinging for the other side: The Age

  • With AI comes serious security risks. A one-person operation called CodeWall cracked Bain's internal AI due diligence tool Pyxis in 18 minutes, exposing nearly 10,000 client conversations, including consumer brands querying rivals' data. The login credentials were sitting in public web code. McKinsey and BCG were also hit by the same operator in recent weeks. Bain insisted no client data was actually at risk: AFR

  • When it comes to AI hallucinations, US courts are taking no prisoners. The courts have handed out US$145k in sanctions for AI-fabricated citations in Q1 2026, jumping from US$5k in January to US$139k by March alone. One attorney copped a US$109k penalty, believed to be the largest AI-related misconduct penalty on record: JDSupra

PRACTICE POINTS

Related transactions

⚖️ Corporate: The Full Federal Court has confirmed that "payment" under s 588FDA of the Corporations Act means more than just a flow of value, in that it must actually alter the legal rights and obligations between the alleged payer and payee. In Yang v Wong, a $2.8m payment routed through an intermediary entity to a director's mother didn't qualify as an unreasonable director-related transaction, because Axis North never changed its legal relationship with Ms Wong directly. The practical lesson: where the payment structure involves an intermediary, s 588FDA may not stick, so plead s 588FB uncommercial transaction in the alternative: Lexology

⚖️ Employment: The Fair Work Commission has issued a road transport contractual chain order (RTCCO) requiring fuel cost increases, measured against 6 March 2026 prices, to be passed through supply chains fortnightly. The order commenced 21 April 2026 and follows emergency amendments to the Fair Work Act triggered by Middle East conflict-related fuel price surges. It covers primary and secondary parties across road transport chains, overriding existing contract terms. Non-compliance is a civil penalty offence: Mallesons

⚖️ IP: AI is quietly creating patentability traps for innovators. Lander & Rogers points to two risks that stand out. First, novelty: generative AI draws on existing datasets, meaning comparable prompts across different users can produce near-identical outputs, and worse, inputting your own research into an AI tool may inadvertently push that material into the public domain via third-party outputs, polluting the prior art before you've filed. Second, inventorship: Australian law requires a natural person as inventor, so as AI takes on a more substantive role in conception, identifying a qualifying human contributor becomes genuinely difficult: Lander & Rogers

TALKING POINTS

Bondi laws struck down

Did you hear…

NSW Premier Chris Minns is refusing to back down after the Court of Appeal unanimously struck down his post-Bondi anti-protest laws as unconstitutional, insisting they were "rational and proportionate." The full bench found the laws "impermissibly burdened" the implied constitutional right to freedom of political communication. They ruled that suppressing all public assemblies to protect "social cohesion" after a terror attack isn't a legitimate constitutional purpose. NSW Police are now reviewing charges against 26 protesters arrested under laws that no longer exist: ABC News, The Guardian

Also…

Victoria's making public transport free for May, then half-price for the rest of the year, at a cost of around $432m. It's a direct response to fuel prices going haywire off the back of the Iran conflict, plus a refinery fire that's got everyone nervous about local supply - so that’s some good news: Bloomberg

DEAL ROOM

Super fund eyes titles

🏠 AustralianSuper has thrown its hat in the ring for a stake in Secure Electronic Registries Victoria, Victoria's $3bn land titles registry, hiring JPMorgan to advise. The $410bn fund faces stiff competition from favourite Macquarie Asset Management and Canadian pension OMERS, with first-round bids due imminently: The Australian

🧬 Monash IVF has knocked back an improved 90-cents-per-share takeover bid from Genesis Capital and Soul Patts, calling it a "substantial discount" to comparable Aussie IVF deals, despite shares last trading at 76.5 cents. The board's backing new CEO Victoria Atkinson's turnaround strategy instead. Clayton Utz is acting for Monash IVF: Capital Brief

🎙️ Quadrant is running a sale process for MediaWorks, its New Zealand radio, digital audio and outdoor advertising business, with Jarden NZ running the book and non-binding bids due 30 April: AFR

SECTOR SNAPSHOT

Cook out

DIGGERS

🚜 Gina Rinehart has filed seven trademark applications over her name with IP Australia, covering "Georgina Rinehart", "Mrs Rinehart", "GHR" and more. The move follows Hancock Prospecting's failed WIPO bid to seize "Hancock.com.au", where it was found to have attempted reverse domain name hijacking: AFR

FIN

🏦 NewSat's decade-old collapse is back in court, with liquidators suing Société Générale, UBS (formerly Credit Suisse), Standard Chartered and credit insurers US Exim Bank and Coface for allegedly pulling financing and killing Australia's first independently-owned satellite. The claim ranges from $1bn to $4.81bn: Bloomberg

RETAIL + REAL ESTATE

🏠 Maurice Blackburn is investigating a potential shareholder class action against James Hardie, probing whether the building giant breached continuous disclosure obligations before its share price cratered 34% in two days last August. At issue is whether James Hardie should have warned the market sooner about a 29% profit drop and guidance downgrade: The Australian

TECH + STARTUPS

📱 Tim Cook is stepping down as Apple CEO in September after 14 years, handing the reins to hardware chief John Ternus - shares dipped slightly on the news. Meanwhile, SpaceX has warned it may skip Australia’s satellite mobile rollout if ACMA proceeds with auctioning the 2GHz spectrum it needs for Starlink's direct-to-device service: Capital Brief, AFR

JOBS

Associate / Senior Associate, Sydney

M&A / Capital Markets

Associate, Brisbane

Real Estate

P.S.

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