Insurance

London is in a "complete state of chaos" and no amount of pressing by law firm Moray & Agnew has produced an answer from underwriters about the extent of his insurance coverage, former Linchpin Capital Group CEO Peter Daly has said in a three-paragraph defence to disqualification proceedings by the corporate regulator.

Concerns behind criticism that courts aren't equipped to assess a class action funder's commission are exaggerated, and the fixing by judges of reasonable remuneration, at least in other cases, is nothing new, a Federal Court judge has said.

A lawsuit seeking to increase D&O insurance for sandalwood producer Quintis in the wake of a class action settlement has fallen short of the $40 million in additional coverage sought, but a Federal Court decision may see a further $11.25 million go to group members.

A $25 million settlement has been reached in three long-running shareholder class actions over the collapse of electronics retailer Dick Smith, under which the funders that backed the litigation will not recover their costs and shareholders recoveries will be small.

Law firm Clayton Utz and litigation funder Investor Claim Partners have joined forces to bring a class action against insurers who have denied business interruption claims by business impacted by the COVID-19 pandemic.

At least five law firms are investigating lawsuits, including class action proceedings, in the wake of a landmark test case on COVID-19 exclusions for business interruption cover.

Payouts in class actions in 2020 largely kept pace with the previous year despite the financial strain of the COVID-19 pandemic, with companies and other defendants paying more than $696 million to settle class actions last year.

Two law firms that have filed competing class action against AMP over allegedly excessive insurance premiums have changed tack and agreed to consolidate the proceedings.

The Full Federal Court has issued a mixed bag ruling in a business interruption insurance dispute between Suncorp subsidiary Vero Insurance and a Melbourne café and restaurant, which sought indemnity for losses incurred during the COVID-19 lockdowns.

The Insurance Council of Australia has asked the High Court to weigh in on its case against COVID-19 related claims in business interruption policies, following its high stakes loss in a ruling last month that found an infectious disease exclusion did not apply.