AMA shareholders were told that they paid $400 mil. for a great...

AMA shareholders were told that they paid $400 mil. for a great 25-year contract with Suncorp, in October 2019, buying a supreme partnership with mutual benefits.

In April 2020, that contract was gutted, and became not only an onerous contract (without being disclosed as such), but a ruinous one. That change took AMA's $400 mil. and made it worth less than nothing. And neither AMA nor Suncorp revealed it, for more than 2 years, an interim period during which AMA raised another $150 mil. from unsuspecting shareholders in Sept. 2021, with those highly material facts withheld, to fund losses only they knew were coming (the analyst community at the time was baffled as to why AMA needed to raise so much money).

I don't see the business judgment rule protecting anyone in this outrageous case, and I do think the entirety of the $400 mil. outlay is the very minimum in damages to be claimed.

"it was a crazy time" during COVID won't absolve anyone I think, not in court, and not with ASIC.