The National Australia Bank has filed a lawsuit against its Singapore-based captive insurance unit and three syndicates of global insurance giant Lloyd’s seeking coverage for two consumer redress schemes related to the bank’s sale of interest rate hedging products and fixed rate tailored business loans.
A judge has raised questions about a redacted funding agreement in a class action against two IAG units over allegedly worthless add-on insurance products, saying the details were needed for a swift resolution of the case.
Former IOOF chairman George Venardos will be allowed to object to incriminating evidence and discovery in proceedings brought by APRA, after a court found there was a real and appreciable risk that ASIC could also bring a civil case against him.
Engineering firm Jacobs E&C, which was acquired by WorleyParsons last year, has said it will resist an arbitration judgment of around $132 million handed down against it in March to the operator of a Vietnamese mine.
The Federal Court has approved a scheme of arrangement which will see investors take a 70 per cent stake in troubled fund manager Angas Securities, receiving a possible $52.2 million in shares and other assets.
The High Court has agreed to take up an appeal by mining giant BHP Group Limited in its battle with the Australian Tax Office over an $82M tax bill.
US biotechnology company ICOS has settled a dispute with Australian-based Arrow Pharma over the patents for erectile dysfunction drug Cialis, less than 12 months after a court upheld the validity of the patents in a separate case.
A court has dismissed a long-running case against defunct Babcock & Brown executives by a private investment fund over a botched $1.4B acquisition of the biggest laundry equipment provider in the US, saying the executives did not breach their duties by failing to disclose that the bank underwriting the deal allegedly wanted out.
APRA has been ordered to hand over all of its correspondence with fellow regulator ASIC relating to former IOOF chairman George Venardos, as he prepares to argue privilege over discovery that might incriminate him in any possible ASIC proceedings.
Israeli drug maker Teva has won its bid for communications between Germany-based Boehringer and capsule manufacturers to help prove its claim that a patent at the centre of a dispute over the top-selling inhaler Spiriva was invalid for obviousness.