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COVID-19 was clearly excluded from the business interruption insurance policy taken out by The Star, and a lawsuit seeking coverage for economic loss resulting from the pandemic was "misconceived", a group of insurers has said.
Westpac has agreed to pay a whopping $1.3 billion civil penalty to resolve AUSTRAC enforcement action over the bank's 23 million breaches of money laundering and counter-terrorism laws.
Insurers for The Star have told a court that the casino’s lawsuit, which seeks to resolve threshold policy coverage issues in a bid to claim the losses it has suffered as a result of government restrictions enacted to stop the spread of COVID-19, is incomplete.
Sydney’s Star Casino is taking its insurers to court in a bid to claim the losses it has suffered as a result of Government restrictions enacted to stop the spread of COVID-19.
Westpac anti-money laundering compliance troubles continue to worsen, with the bank reporting an additional 365,000 incomplete or inaccurate threshold transaction reports to AUSTRAC.
ASIC has called for a $15 million penalty against National Australia Bank over its scandal-ridden 'Introducer' loan referral program, but a judge has questioned the “superficial” investigations in the case and remarked on the corporate regulator's "pattern" of bringing enforcement action after remediation programs were well underway.
A judge has warned AUSTRAC that it needs to finalise its case against Westpac over anti-money laundering breaches as the regulator readies a slew of new claims, quashing any hopes of a trial this year.
The Full Federal Court has thrown out the ACCC's challenge to a ruling dismissing its case alleging Kimberly-Clark made misleading representations about its flushable wipes.
Westpac is facing the possibility of more claims in proceedings brought by AUSTRAC over anti-money laundering breaches, with the regulator seeking information on 272 customers who may have been involved in the exploitation of children.
The judge overseeing three class actions against the Commonwealth over its use of allegedly toxic firefighting foam, which have settled for $212.5 million, said backing by a litigation funder led to a better outcome for group members, who would otherwise have been in the disadvantaged position of "supplicants requesting compensation".