National Australia Bank has rejected a class action’s claims that it pushed worthless credit card insurance onto its customers, saying it was up to the customers to determine the true value of the coverage.
A judge has dispensed with the opt out notice requirement in two class actions filed in administration proceedings related to the spectacular collapse of HIH Insurance.
The Australian Competition and Consumer Commission has lost an appeal of a ruling that dismissed its case over allegedly inadequate disclosures by private health insurer Medibank relating to member benefits.
A Queensland ethanol refinery owned by United Petroleum has appealed a judge’s ruling that insurer Allianz Australia did not have to provide coverage for damage resulting from a 2016 fire.
Quinn Emanuel has hit global insurance broker Jardine Lloyd Thompson with a class action for allegedly charging local councils in NSW hundreds of millions of dollars in excessive premiums over the past nine years, and the firm says there may be more lawsuits on the horizon.
A Queensland ethanol refinery, owned by United Petroleum, has lost a dispute with its insurer Allianz Australia over coverage for damage resulting from a 2016 fire.
Commonwealth Bank of Australia chief Matt Comyn has pointed the finger at his predecessor, Ian Narev, for the bank’s selling of credit insurance to ineligible customers, claiming the former CEO failed to heed advice and stop selling the products.
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.
The Australian Securities and Investments Commission has secured almost $9 million in penalties against Melbourne-based Financial Circle over a scheme to extract advice fees and ongoing commission from borrowers who took out personal loans.
ASIC has successfully opposed a Federal Court judge’s push to appoint an independent referee in its case against AMP Financial Planning over alleged insurance churning.