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Insurer Atradius has lost its bid to keep under wraps information supporting its application to publicly examine three KordaMentha directors about their administration of the Arrium Group after a judge found it would not prejudice a similar bid in related proceedings.
A judge has ordered MLC to pay $10 million for its “serious failure” to pay life insurance benefits to customers undergoing rehabilitation, in an ASIC case that also alleged the insurer failed to promptly update medical terms in policies.
Insurer Atradius has lost its bid to bring a $1.5 billion (US$1 billion) case against four KordaMentha liquidators and 60 financiers of the Arrium group alleging they failed to act under a duty of utmost good faith when agreeing on how to divvy up sale proceeds for several entities.
MLC has agreed to cop a $10 million penalty for admitted breaches of the Corporations Act in an ASIC case that alleged the insurer failed to promptly update medical terms in policies and withheld payment of a life insurance benefit.
The Australian Securities and Investments Commission is fighting a challenge by three KordaMentha partners to the regulator’s decision to allow insurer Atradius to subject them to public examination over their administration of failed steel giant Arrium.
Stock broker Fortrend Securities has secured an order prohibiting two former advisors from contacting their old clients while they litigate a dispute alleging the advisors conspired with Shaw & Partners to poach customers.