Justin Williams

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.

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.

Investor White Oak on Tuesday fought back against a push by IAG and Tokio Marine for over $15 million in security on the eve of trial in its case over the collapse of Greensill Capital, saying the insurers' Rolls Royce approach was unreasonable now that the bulk of the $7 billion litigation had settled.

Star's former chief legal offer has won a stay of a $400,000 penalty as she appeals a finding that she breached her directors' duties by failing to alert the company's board to money laundering risks in its Sydney casino.

Law firm Mallesons, which is named in proceedings brought by failed property developer FSM, has denied it knew that a former director used company loans to pay off personal debts.

Businesses in two cases against Lloyd's and QBE over COVID-19 losses have failed in an appeal of a ruling stripping the suits of class action status.