Insurance Australia Group Limited (IAG) today announced that Insurance Australia Limited (IAL) has agreed to a settlement of the proceeding brought by White Oak against IAL and other parties in the Federal Court of Australia (the White Oak Proceeding).rn
The White Oak Proceeding was the last remaining proceeding in the litigation brought by Greensill Bank AG and its Insolvency Administrator, Credit Suisse entities and White Oak against IAL and other parties in the Federal Court of Australia relating to policies purportedly issued by BCC Trade Credit Pty Ltd on behalf of IAL to Greensill entities (the Greensill Proceedings). The aggregate face value of the claimed amount in the White Oak Proceeding was approximately A$170 million plus interest.
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Consistent with previous disclosures, IAG said that the settlements of the Greensill Proceedings would not have a material impact on its financial position or FY27 financial results. The terms of the settlements are confidential.
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This release has been authorised by IAG’s Managing Director and CEO.
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Insurance Australia Group Limited (IAG) today announced that Insurance Australia Limited (IAL) has agreed to a settlement of the proceeding brought by White Oak against IAL and other parties in the Federal Court of Australia (the White Oak Proceeding).
The White Oak Proceeding was the last remaining proceeding in the litigation brought by Greensill Bank AG and its Insolvency Administrator, Credit Suisse entities and White Oak against IAL and other parties in the Federal Court of Australia relating to policies purportedly issued by BCC Trade Credit Pty Ltd on behalf of IAL to Greensill entities (the Greensill Proceedings). The aggregate face value of the claimed amount in the White Oak Proceeding was approximately A$170 million plus interest.
Consistent with previous disclosures, IAG said that the settlements of the Greensill Proceedings would not have a material impact on its financial position or FY27 financial results. The terms of the settlements are confidential.
This release has been authorised by IAG’s Managing Director and CEO.
