The plaintiffs in an investor class action filed against Dick Smith’s insurers want a separate hearing from four other representative and company proceedings against the failed electronics retailer, arguing there would be only the āthinnest basisā for concurrent proceedings if their strike out application was successful.
The plaintiffs in an investor class action brought against the insurers of Dick Smith have lost an early bid to determine the viability of their claim, amid concerns that the total value of five separate cases against the failed retailer will exhaust the $300 million limit of two insurance policies.
An appeals court has found insurers AIG Australia and Catlin Australia have to cover part of a $6 million settlement agreed to by Bank of Queensland last year in a class action brought by investors in a multimillion dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.
The Bank of Queensland has criticised a judgment which found the bank’s insurance policy left it on the hook for a $6 million settlement of a class action brought by investors in a multi-million dollar Ponzi scheme by jailed fraudster Bradley Sherwin.
Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank’s argument that the class action should only be considered one claim under the policy.