Bannister Law pursues shareholder class action against Quintis, page-118

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thepennypinch

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15/09/17

09:19

Post #: 27236715
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Originally posted by hottuna ↑

I think you have a misunderstanding of what a Directors Insurance policy does. It covers directors against claims arising from "wrongful acts" - which a lack of disclosure would certainly cover. The director would only need to inform the insurer of the claim, not of the wrongful act in advance

Here's an example from CGU:

View attachment 729906

The only question is what the level of cover is - even if it's only $20m then it's worth the lawyers pursuing the class action. In the case of SGH, the insurance policy paid out $32.5m

http://www.abc.net.au/news/2017-07-11/slater-and-gordon-settles-class-action/8696882

Shareholders pursuing troubled legal firm Slater and Gordon will receive just $36.5 million, after the firm agreed to settle a number of class actions against it.
-Key points:

Hedge funds will now assume ownership of the 82-year old law firm

Directors' indemnity insurance the only source of funds available from Slater and Gordon

$36.5 million settlement only a fraction of the billions lost over the past two years

Slater and Gordon will pay $32.5 million from its directors' and senior officers' liability insurance, while a group of hedge funds which bought the company's debt will chip in the other $4 million.
The bulk of the proceeds will go to clients of Slater and Gordon's cross-town legal rivals, Maurice Blackburn, who initiated the first class action.

Expand

https://aicd.companydirectors.com.a...ance/what-is-directors-and-officers-insurance

Key words:
Duty of Disclosure &
The effect of other directors’ conduct on your insurance cover
QIN Price at posting: 29.5¢ Sentiment: Sell Disclosure: Not Held
1 Upvote

0 Great analysis

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Bannister Law pursues shareholder class action against Quintis, page-118

Top Stories

Commodity house Trafigura funds Develop Global's copper-zinc Woodlawn play with offtake deal in place

GreenX picks up prospective copper project in Germany

Westgold sets its sights on top five producer status through merger with Karora

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Vmoto sales plummet -50% YoY as weak demand in Europe & China stifles EV scooter sales growth

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Uranium prices on the NYMEX are stable, but ASX uranium stocks are sinking on Friday. The answer lies in Kazakhstan

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