Insurance

The Australian Prudential Regulation Authority has raised Medibank's capital adequacy requirement by $250 million, following last year's cyber attack against the private health insurer, which exposed the personal details of 10 million customers. 

The applicant in a class action against Blue Sky Alternative Investments and auditor EY has raised an “often overlooked” principle to challenge the separate legal representation of two of the company’s directors, dodging applications for almost $15 million in security – for now.

A judge has approved a settlement with former directors of collapsed advisory firm Linchpin Capital under which insurer RiverStone will pay $6.3 million, which will be used to fund the investor class action’s claims against AIG.

A $47 million settlement in a class action against ANZ -- one of three settlements in a series of class actions against the big banks over 'junk' consumer credit insurance -- was fair and reasonable, a judge has said.

A judge has avoided a fight “with the High Court written all over it” over whether an investor class action against Blue Sky Alternative Investments and auditor EY can join four insurers to the case.

A judge has found insurers must cover claims against builder LU Simon Builders over alleged combustible cladding in Melbourne's Atlantis Towers after a judge found the owners were “obvious candidates” to bring legal action.

It was "fundamentally wrong" that AMP Financial Planning paid consultant PricewaterhouseCoopers significantly more to review a court-ordered remediation than was paid to customers who suffered loss after an adviser churned life insurance policies for higher commissions, a judge has said.

A class action of bond holders accusing Virgin Australia of failing to disclose its true financial position in a 2019 prospectus for a capital raising wants a contentious indemnity clause in the airline's DOCA narrowed, in proceedings a judge has said “increasingly resemble a farce".

Appeals and cross-appeals are flying over a judge’s finding that engineering services firm CIMIC Group can pursue insurance claims for costs arising from allegations it engaged in corrupt practices, including a $32 million class action settlement.

A judge has ordered contractor JKC Australia to hand over legal advice relating to a settlement deed it entered with Japanese oil company Inpex in 2021, as it seeks to hold Dutch paint company AkzoNobel NV responsible for its “significant” potential liability under the settlement.