Law firm Phi Finney McDonald has served a statement of claim on Star Entertainment Group.<\/p>\n\n\n\n\n\n\n\n
Australia.- The Star Entertainment Group<\/strong> has reported in a company filing that the law firm Phi Finney McDonald<\/strong> has filed a securities class action lawsuit against it in the Supreme Court of Victoria. <\/p>\n\n\n\n The lawsuit alleges that between March 29, 2016, and June 13, 2022, the casino operator made misleading statements about its anti-money laundering and counter-terrorism financing compliance processes, failed to disclose important information to the market and acted against the interests of its members. The company said it plans to defend itself in the proceedings.<\/p>\n\n\n\n Two previous securities class actions were filed by Slater & Gordon in March 2022) and Maurice Blackburn<\/a> in November 2022). Meanwhile, in December, the Australian Securities and Investments Commission<\/strong> (ASIC) commenced Federal Court civil penalty proceedings<\/a> against 11 current and former board members of The Star<\/strong>. <\/p>\n\n\n\n ASIC is taking action against members of the Star\u2019s board between 2017 and 2019: John O Neill (former chair), Matthias Bekier (former CEO), Kathleen Lahey, Richard Sheppard, Gerard Bradley, Sally Pitkin, Benjamin Heap and Zlatko Todorcevski. It says they breached their duties under the Corporations Act by approving an expanded relationship with individuals with reported criminal links and failing to address money laundering risks.<\/p>\n","protected":false},"excerpt":{"rendered":" Law firm Phi Finney McDonald has served a statement of claim on Star Entertainment Group.<\/p>\n","protected":false},"author":176,"featured_media":26456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group is facing a new securities class action lawsuit from Phi Finney McDonald, alleging misleading statements regarding its anti-money laundering (AML) and counter-terrorism financing (CTF) compliance between 2016 and 2022. This follows two previous class actions and civil penalty proceedings initiated by ASIC against 11 current and former Star board members for breaches of corporate duties related to criminal links and money laundering risks. The company intends to defend itself against these allegations.","focusai_entities":"Phi Finney McDonald, Star Entertainment Group, Slater & Gordon, Maurice Blackburn, Australian Securities and Investments Commission, ASIC, John O Neill, Matthias Bekier, Kathleen Lahey, Richard Sheppard, Gerard Bradley, Sally Pitkin, Benjamin Heap, Zlatko Todorcevski","focusai_location":"Australia, Victoria","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Star's Financial Exposure?","query":"What is the estimated financial exposure for Star Entertainment Group from these multiple class action lawsuits and ASIC's civil penalty proceedings, considering potential fines and legal costs?"},{"label":"Governance Framework Impact?","query":"How will these ongoing legal and regulatory challenges influence the future governance frameworks and board composition requirements for licensed casino operators in Australia?"}],"footnotes":""},"categories":[16336,439],"tags":[23871],"class_list":["post-777002143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-legal-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002143"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002143\/revisions"}],"predecessor-version":[{"id":777002178,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002143\/revisions\/777002178"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}