Industry Segments: Legal Page 2 / 3
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- February 16 2024
Queensland’s CS Energy sues five insurers for US$195m claims from explosion: report
Insurers, including AIG, Allianz, BHSI, Liberty Mutual and Lloyd's syndicates, were named by a unit of the state-backed power company for failing to pay out claims related to a 2021 explosion, according to an AFR report.
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- February 6 2024
IP risks on the rise as insurers look to APAC’s rising need for cover
As the number of infringement cases and the amount awarded climb, IP-related insurance is drawing more attention from companies in the region.
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- December 21 2023
IAG finds interim group general counsel after Horton’s departure
The Australian insurer, which is facing litigation over US$4.7bn in claims, has commenced an internal and external search for a permanent replacement.
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- December 15 2023
Swiss Re International to take over defunct Target Insurance’s EC policies
The 32 in-force employee compensation policies issued by the Hong Kong taxi insurer will be transferred from April 1, 2024.
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- December 15 2023
EQC hit with New Zealand’s biggest-ever class action for underpaying claims
The Christchurch High Court authorised the lawsuit that alleged that the earthquake commission saved US$932m by underpaying land damage claims from the 2010-11 Canterbury earthquakes.
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- December 15 2023
China Aircraft Leasing gets US$23.57m insurance settlement for jets stranded in Russia
Following similar deals in the last two months, Russian insurer NSK will make the payout for one aircraft leased to Aeroflot and the Chinese lessor has agreed to release its claims against all parties.
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- December 6 2023
IAG general counsel Peter Horton leaves over ‘misconduct’
"Horton’s behaviour has fallen short of the expectations in IAG’s employee code of ethics and conduct", IAG chief executive Nick Hawkins said.
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- November 28 2023
IAG blames Credit Suisse’s due diligence failures for Greensill losses: reports
The insurer, in an Australian court filing, said that the Swiss bank should have known that the Bond and Credit company did not have the authority to issue the policies.
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- October 24 2023
Vesttoo creditors seek to liquidate company and terminate all employees
The troubled insurtech, which the creditors' motion said is "viewed as the Madoff of insurance", is to file a response and expects the Bankruptcy Court to rule in November.
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- October 9 2023
Greensill investor alleges Marsh was aware of serious problems: report
The broker says that there were no breach of duties and puts the onus on private equity firm White Oak for due diligence.
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- September 7 2023
Vesttoo investigation blames CEO, 3 senior execs, China Construction Bank and Standard Chartered staff for fraud
Interim CEO says it plans to sue the former employees named in the report and the Chinese bank, according to a first interim report with the US court identifying the people behind the forged letters of credit.
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- July 17 2023
Greensill administrator sues IAG for US$2.25bn over Liberty Steel dues: report
The Germany-based administrator claimed that any amount not repaid by Liberty should be recoverable under the insurance from the Australian insurer.
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- June 30 2023
Australian court fines IAG record US$26.5m for pricing misconduct
The insurer said that it will pay the penalty from the A$123m customer refund provision made earlier this financial year.
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- May 8 2023
Medibank served a third class-action suit over data breach
Slater and Gordon filed a group proceeding in the Federal Court of Australia on May 5.
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- April 24 2023
Australia’s Optus hit with class action over cybersecurity breach
The Singapore-owned telecoms giant said it is reviewing the court documents with its lawyers and will vigorously defend the proceedings.
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- April 20 2023
BOC Aviation awarded US$400m by US court for planes stranded in Russia: report
The aircraft lessor said AirBridgeCargo went into default after being unable to maintain required reinsurance coverage.
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- March 30 2023
Medibank served another lawsuit for cyber security lapse
Law firm Quinn Emanuel Urquhart & Sullivan has initiated a class-action lawsuit for breach of disclosure obligations.
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- February 8 2023
Medibank faces class action suit over data hack: report
The lawsuit against the insurer was filed by Baker McKenzie and funded by litigation funding company Omni Bridgeway.
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- February 3 2023
Australia disaster funding under an independent review
Led by Andrew Colvin of Deloitte, the review evaluates government investment in disaster risk reduction and resilience.
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- February 1 2023
India’s Union Budget to infuse US$490m into three state general insurers: report
It is the third consecutive injection since 2020 but the companies are still facing a shortfall in capital.
