The insolvency administrator of Germany-based Greensill Bank AG has launched court proceedings against Insurance Australia Limited seeking US$35 million allegedly owed under a policy indemnifying the collapsed financial services firm for unrecovered debts.
Two former barristers ordered to pay at least $21.7 million in damages and costs for their role in a fraudulent scheme to pocket a windfall from the Banksia Securities class action have filed for bankruptcy.
The corporate regulator has taken MLC Limited to court, alleging the insurer’s failure to implement proper systems and controls over a more than 20 year period caused $17.5 million in harm to over a quarter million consumers.
In rejecting a bid by The Star Entertainment Group to recoup losses stemming from the COVID-19 pandemic, the Federal Court’s Chief Justice did “real and unexplained violence” to the construction of a business interruption policy the casino giant had taken out with Chubb, the Full Court has heard.
A fine imposed against the Commonwealth Bank for false and misleading representations to customers should reflect offences that were “well below the midpoint” of seriousness, counsel for the bank has told a judge overseeing the first criminal case of its kind.
The corporate regulator has brought proceedings against the former boss of defunct Freedom Insurance and another executive over an insurance sales program that incentivized sales agents with overseas holidays and a Vespa scooter.
Engineering services firm CIMIC Group has launched proceedings against ten insurers seeking indemnity for costs arising from allegations the company engaged in corrupt practices, including bribing government officials in Iraq.
The Australian Securities and Investments Commission has accused the largest general insurer in Australia of short-changing its customers a staggering $60 million in promised discounts, according to action launched in the Federal Court on Friday.
AMP and a number of its financial planning subsidiaries could face 1.2 million individual claims if they win a bid to declass a group proceeding over allegedly excessive insurance premiums, a judge has said.
Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.