Allens

A class action against REST Super has opposed a bid for 'soft' class closure, arguing that registration numbers will provide very little information about the group at this stage.

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”. 

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.

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.

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.

Allens, along with fellow Big Six firm Clayton Utz, has joined a leading data centre lobbying group to promote national reforms that will bring greater certainty to data centre developments.

A judge has found that RAMS breached its duty of good faith by terminating a franchise agreement on Westpac’s recommendation without resolving concerns about the evidence backing its decision, but tossed unconscionable conduct claims against the home loans business.