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Investment firm White Oak has settled its case against IAG, Tokio Marine and subsidiary BCC alleging the insurers were liable for $200 million in damages following the collapse of supply chain finance company Greensill.
Apple will seek an expedited appeal of a finding that it engaged in anti-competitive conduct in relation to its App Store and orders forcing it to allow third-party app marketplaces and in-app payment solutions for Australian users.
Apple has been ordered to reinstate Epic Games' Fortnite game to its App Store in Australia and allow developers to offer in-app payment methods to Australians, after it was found to have breached competition laws.
Greensill investor White Oak is not entitled to damages from IAG after it settled with broker Marsh in relation to $140 million in receivables, the insurer has told a trial court, saying it would amount to “double recovery”.
Insurer IAG has argued Greensill investor White Oak failed to verify the existence of $140 million in receivables for fear the deal wouldn't go ahead -- conduct, it says, that was “redolent of a deal that is too good to be true”.
Insurance underwriter Tokio Marine has denied misleading US investment firm White Oak by staying silent on alleged issues with an IAG policy keeping Greensill's supply chain financing business operating.
After baulking at paying for their Rolls-Royce defence, Greensill investor White Oak has been ordered to pay a total of $13 million in security to insurers IAG, Tokio Marine and BCC for their costs of a 35-day trial.
A developer facing a class action from homeowners who claim their properties are sinking has dragged engineering firms Simmonds and Hunter Geotechincal Services into the case.
Greensill Capital's founder expressed "shock" in 2020 when concerns emerged over the validity of an IAG policy keeping his financing business afloat, telling underwriter BCC's then managing director the issue needed to be kept quiet, a court has heard.
IAG and Tokio Marine kept their concerns about the validity of Greensill Capital's 2019 trade credit insurance policy confidential, even as they must have known the supply chain financier was using the policy to attract investors, a trial court has heard.