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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”.
IAG said Wednesday it had offered a range of commitments to sweeten its proposed $1.35 billion merger with vehicle insurer RACWA as it promotes the benefits of the union to the competition regulator.
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.
ANZ has failed in its fight over insurance coverage for two class actions for which it paid settlements totalling $117 million, with a judge finding the costs were not losses under the policies at issue.
Insurer Holland has been hit with a $2 million penalty over claim delays which ASIC argued warranted a $30 million penalty, the first civil penalty against an insurer for breaching its duty of good faith.
Insurers IAG and RACWA has brought the second appeal of a decision by the Australian Competition and Consumer Commission blocking a transaction under the new merger regime.
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.
A judge overseeing the trial in a case against a group of insurers over the collapse of Greensill Capital has ruled that a report by a Japanese law firm is privileged despite the absence of legal professional privilege in Japan.