In a hearing earlier this afternoon, the Federal Court has fined Valve $3 million over breaches of Australian consumer law for their lack of an advertised refund policy on Steam from 2011 to 2014.
In the judgement published online, Justice Edelman ruled that Valve "engaged in conduct which was misleading or deceptive or likely to mislead or deceive in contravention" of Australian consumer law when they advertised to consumers that users had no obligation to refunds for games purchased through Steam.
Although Valve introduced a refunds policy on Steam since the case began, the Federal Court found that the breaches of consumer law between 1 January, 2011 and 28 August, 2014, were significant enough to warrant a fine of $3 million.
The fine is to be paid within 30 days. Justice Edelman also ruled that a notice must be displayed to Australian users
Via Kotaku
The notices Valve has to post on Steam are at the link.
I think this is a fair ruling even though Valve has since changed its policy. I hope PSN/XBL are next.