Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank’s argument that the class action should only be considered one claim under the policy.
The Australian Securities and Investments Commission has secured almost $9 million in penalties against Melbourne-based Financial Circle over a scheme to extract advice fees and ongoing commission from borrowers who took out personal loans.
ASIC has successfully opposed a Federal Court judge’s push to appoint an independent referee in its case against AMP Financial Planning over alleged insurance churning.
A Federal Court judge has stayed a $2.6 million award against QBE Insurance (Australia) to cover losses related to the 2014 collapse of steel product manufacturer Independent Tube Mills in 2014.
Westpac is challenging a judge’s order that gives the funder backing a class action over life insurance premiums a 25 percent cut of any recovery.
The High Court of Australia has rejected an appeal of a ruling that found a funeral insurer was liable for the use of a rival’s confidential information by employees and instead granted a cross-appeal that more than doubled the rival’s award of profits.
QBE Insurance (Australia) has been ordered to pay over $2.6 million in compensation to cover losses after a series of mishaps led to the collapse of steel product manufacturer Independent Tube Mills in 2014.
Bannister Law is investigating a possible class action against providers of direct life insurance, in the wake of an ASIC report that found many insurers used aggressive sales tactics and didn’t provide consumers with enough information about the products they sold.
The alleged masterminds behind the $130 million Plutus Payroll tax fraud have been barred by the Full Federal Court from using insurance to cover their $300,000 legal bill in two criminal proceedings.