Crown Resorts Hit With Money Laundering Class-Action Suit

Crown Resorts Hit With Money Laundering Class-Action Suit”

A fresh class action has been levelled against casino giant Crown Resorts, accusing the company of misleading investors over possible anti-money laundering breaches. Now, law firm Maurice Blackburn claims that the gambling operator misleadingly represented its compliance with legal obligations and did not reveal relevant information from the market in the period from December 2014 until October 2020, when the AUSTRAC probe was unveiled.

When AUSTRAC announced in October 2020 that they had launched an investigation into potential money laundering breaches at Crown Melbourne, the market reacted negatively and over $500 million was wiped out.

Crown Resorts which is the biggest casino operator in Australia has had a awful year in 2020.

Australian financial crime watchdog AUSTRAC uncovered a number of criminal activities related to casino junket operators which are being targeted by organized crime and foreign spies to facilitate dirty cash flows through the casinos, as well as make political donations.

Crown Resorts is also facing allegations that it acted contrary to its investors' interests, so the law firm is to ask the court to consider imposing a share buyback from the affected shareholders.

More news: Peter Nygard arrested, accused of sexual assault, trafficking

This is the second class-action lawsuit against Crown by the same law firm, with the first having been introduced three years ago. This relates to an AU$1.3bn (US$984m) drop in Crown's share price after police in China arrested 19 employees for gambling-related crimes in 2016. The case is set to go to trial in 2022.

Ms Nagy said shareholders would have expected best-practice compliance with anti-money laundering law, especially given Crown's repeated public assertions that it took compliance with the obligation seriously. However, the gaming regulator has prevented Crown from opening out the casino section of the resort due to its many failings.

Crown is now under investigation by the New South Wales (NSW) Independent Liquor and Gaming Authority (ILGA).

On the final day of the Independent Liquor and Gaming Authority inquiry last month, counsel assisting Scott Aspinall said the gaming company's long failure to investigate and admit to claims of money laundering was more concerning than the money laundering itself.

The share price of the Australian gambling giant fell by 8% on October 19th, reducing the operator's market value by $500 million, after Crown Resorts has been accused of misleading investors about the company's compliance with anti-money laundering legislation for nearly six years.

Like this



16 December 2020
Heavy rain, wild winds lash Australia, forcing evacuations
The Queensland Fraser Islands, a UNESCO-listed World Heritage Site was not spared from the rainy weather. Rainfall rates are expected to ease on Wednesday morning as the trough weakens and extends south.

16 December 2020
GCHQ looking into whether Russian hackers stole United Kingdom government secrets
Many U.S. national security agencies made major efforts to prevent Russian Federation from interfering in this year's election. US officials speaking to Reuters anonymously also indicated that cyberattack may be much bigger than now known.

16 December 2020
Care worker becomes 1st British Columbian to receive COVID-19 vaccine
The White House has predicted that a coronavirus vaccine will be distributed to 20 million people by the end of December. Jason Kindrachuk on Tuesday, the day before the first round of Pfizer-BioNTech vaccinations begins in Manitoba.

16 December 2020
How major U.S. stock indexes fared Tuesday
Small-company stocks did especially well, a sign that investors are feeling more optimistic about prospects for the economy. Even without lockdown orders, the fear is that the rising number of deaths will keep customers away from businesses.

16 December 2020
Got 'Planet Nine' cousin | Direct science
But further observations with the Hubble space telescope over 14 years were able to calculate the planet's orbit very precisely. If it got closer to Jupiter, the larger planet would've slingshot it away, and again a passing star could've stabilized it.

16 December 2020
European Union regulator set to approve Pfizer/BioNTech COVID-19 vaccine on Dec 23
The vaccines in Toronto were given at the Michener Institute, which is run by the University Health Network. Kansas reported 190,018 confirmed cases of COVID-19 on Monday, an increase of 4,724 since Friday.

16 December 2020
Possibility of adverse event after COVID vaccination can't be ruled out
Around 450 doses of the vaccine are anticipated in this first allotment. "Now we have the Moderna vaccine that is coming on". Additional shipments of vaccine are expected later this week at facilities in other parts of the state.

16 December 2020
First COVID vaccine doses arrive in Alberta, additional 25K next week
More than 25,000 doses of the Pfizer-BioNTech vaccine are on the way next week, Health Minister Tyler Shandro said Monday . Colorado will receive 46,800 doses of the Pfizer vaccine and expects to receive 95,600 doses of the Moderna vaccine.

16 December 2020
Moderna vaccine found safe, effective ahead of key FDA review
Starting next week, there will be 70 sites across Canada where vaccines can be administered, up from the current 14, Trudeau said. The agency doesn't have to follow the advice of the independent vaccine experts, though it often agrees with its advisory panels.

15 December 2020
Jake Paul issues disrespectful challenge to Conor McGregor
Jake Paul claimed McGregor is scared of losing to a Youtuber and compared McGregor's 0-1 record as a boxer to his 2-0 record. And when the fight happens, everyone will read this back and say, 'Damn, that kid's out of his mind, but he called this.