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Insurers lose COVID-19 business interruption test case
Bret Walker 2020-11-18 11:31 pm By Cat Fredenburgh

Insurers will face a flood of pandemic-related claims after an appeals court ruled in a test case brought by the Insurance Council that certain infectious disease exclusions in business interruption cover do not apply to coronavirus-related claims.

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Judge ‘currently minded’ to approve GetSwift’s Canadian relocation bid with caveats
ASIC 2020-11-16 7:05 pm By Miklos Bolza

A judge has said she was “currently minded” to sign off on a scheme of arrangement that would see last-mile logistics software firm GetSwift relocate to Canada, but has sought further submissions on whether any Australian civil penalties sought against the company by ASIC would be enforceable in the Canadian courts.

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GetSwift’s mid-litigation relocation bid ‘not a good look’, judge says
ASIC 2020-11-13 5:54 pm By Miklos Bolza

A judge said Friday that a bid by last-mile logistics software firm GetSwift to relocate to Canada as it faces a potential $20 million civil penalty from ASIC and a $50 million class action was “not a good look”.

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GetSwift assures court it is indemnified for judgments in ASIC case, class action
ASIC 2020-11-12 6:07 pm By Miklos Bolza

Last-mile logistics software firm GetSwift has offered a last minute undertaking that it will be covered for any judgments and penalties in a class action and ASIC case, after a judge expressed concerns about the company’s bid to redomicile to Canada amid the ongoing litigation.

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AUSTRAC’s record $1.3B penalty for Westpac’s money laundering breaches wins court OK
Allens 2020-10-21 2:50 pm By Christine Caulfield

A judge has given the greenlight to AUSTRAC’s $1.3 billion penalty against Westpac over the bank’s 23 million breaches of money laundering and counter-terrorism laws, the biggest regulatory fine ever paid by an Australian company.

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Judge fines NAB $15M, questions ASIC’s ‘introducer’ investigation
Amelia Avery-Williams 2020-10-19 6:01 pm By Miklos Bolza

A judge has slapped National Australia Bank with a $15 million penalty over its scandal-ridden home loan introducer program but slammed ASIC’s investigation into the program, saying there was no “real regulatory desire to pursue a thorough investigation as to what in truth occurred”.

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GetSwift faces scrutiny over shareholder disclosures ahead of planned Canada move
ASIC 2020-10-08 7:06 pm By Christine Caulfield

ASIC and the applicant in a class action against GetSwift have intervened in an application by the logistics provider to relocate its headquarters to Canada, aiming to ensure shareholders are aware of the potential outcomes of the regulator’s enforcement action, which include banning orders against directors Bane Hunter and Joel Macdonald.

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Insurers slam The Star’s ‘misconceived’ COVID-19 coverage case
Bret Walker 2020-09-28 2:51 pm By Christine Caulfield

COVID-19 was clearly excluded from the business interruption insurance policy taken out by The Star, and a lawsuit seeking coverage for economic loss resulting from the pandemic was “misconceived”, a group of insurers has said.

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Westpac to pay record $1.3B penalty in AUSTRAC action
Allens 2020-09-24 9:44 am By Christine Caulfield

Westpac has agreed to pay a whopping $1.3 billion civil penalty to resolve AUSTRAC enforcement action over the bank’s 23 million breaches of money laundering and counter-terrorism laws.

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The Star’s COVID-19 insurance test case incomplete, court hears
Bret Walker 2020-09-08 4:49 pm By Alison Eveleigh

Insurers for The Star have told a court that the casino’s lawsuit, which seeks to resolve threshold policy coverage issues in a bid to claim the losses it has suffered as a result of government restrictions enacted to stop the spread of COVID-19, is incomplete.

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