A judge has approved a “disappointing” $25 million settlement in long-running class action litigation over the collapse of electronics retailer Dick Smith with claims worth hundreds of millions of dollars.
A group of late opt out notices by group members in a class action over IAG insurance, who were egged on in part by a ‘corporate warfare’ campaign by claims management service Claimo, could result in IAG pulling the plug on a $138 million settlement.
In another victory for ASIC in a case stemming from the banking royal commission, a judge has ruled that TAL Life Limited breached the Insurance Contracts Act after denying coverage to a cancer patient and threatening to recover $24,000 it had already paid to her.
A judge has found a group of insurers defending a $309 million lawsuit over an Australia Pacific LNG project in Central Queensland cannot be represented by two law firms, saying it would not be in the interests of justice.
After months of uncertainty and a scolding from the judge about “vague” excuses, former Linchpin Capital directors facing proceedings by ASIC and a class of investors have been given assurance that their legal costs will be covered under an insurance policy.
ASIC has launched civil penalty proceedings against Statewide Super alleging that around 12,500 fund members were not covered by any insurance policy for a year despite the super fund informing them that they had cover while deducting monthly premiums worth $1.5 million.
Embattled financial services firm Greensill Capital has lost an emergency bid for a temporary mandatory injunction that would have forced its insurer to renew trade credit policies covering $4.6 billion in client loans as it fights to avoid collapse.
A group representing insurers has filed another test case over pandemic coverage in business interruption policies, following a landmark loss in a test case concerning an infectious disease exclusion that could cost insurers $10 billion.
Insurer Allianz and its distributor AWP have fronted court facing charges that they made false and misleading statements about their travel insurance products.
Murray Goulburn insurer AIG Australia says it should not have to pay 20 per cent of a $42 million class action settlement reached by the dairy cooperative, arguing on Tuesday that the class action claims failed to satisfy the definition of a “securities claim” in its insurance policy.