Insurers will file de-classing applications in four class actions on behalf of small businesses seeking coverage under business interruption policies for losses flowing from COVID-19 restrictions after their test cases largely failed.Â
Virgin Australia’s insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.
A judge overseeing a class action against a unit of Suncorp Group has given his blessing to a settlement that will see only $14 million of its headline $33 million figure go to super members, despite finding the modest return was âfar short of the maximum potential recoveryâ in the case.
An appeals court’s “radical” approach in the treatment of JobKeeper payments won’t be scrutinised by the High Court, which on Friday declined to hear an appeal by IAG in the second set of COVID-19 business interruption test cases.
The applicant in an investor class action against Virgin Australia plans to appeal a judgeâs decision requiring litigation funder Balance Legal Capital UK to give the airline an indemnity in order to bring the proceedings, saying the indemnity âsubstantially changes the risk calculus” for group members.
A judge has ruled that a litigation funder for an investor class action against Virgin must give the airline an indemnity to bring proceedings despite finding a deed of company arrangement requiring the pay-out âdidnât make senseâ.
An appeals court has dismissed a challenge brought by a Snap Fitness franchisee to a ruling that found insurer Lloydâs could rely on a conformity clause in its policy to deny business interruption coverage to the NSW gym for losses related to COVID-19.
Virgin Airlines has argued a litigation funderâs indemnity for its legal costs is not enough for it to bring a class action on behalf of bond holders over a 2019 prospectus, claiming the airline expects to spend more than $5 million defending the proceedings.
The settlement figure in a class action against a unit of Suncorp Group has been revealed as $33 million, and super members are set to share in the net sum of $14 million, or 42.5 per cent of the deal.
A judge has signed off on the discontinuance of two class actions against Canberra property developers for allegedly misleading investors about GST on their apartments, after the High Court declined to review a ruling that made the cases “uneconomic” for the funder to pursue.