I registered for this just to find out what it was about. I had a call this morning from the solicitor handling it. The company was clearly negligent in not recognising that a law they relied on had been repealed. (And you have to wonder how many other laws have been repealed or amended that they have not yet updated their policies for either...)
And it is laughable that they actually went to court to argue that because they *intended* to change the wording, they should not be liable for pandemic claims. "Intended" clearly means that they knew of the change, but did nothing about it. The court just tossed it out. Intention has no standing in law. And ofc this would have had quite large legal fees, all of which comes off the company's profits for the year.
So, the situation at present is that the class action is suing the company. The company will have insurance to cover legal costs and damages if they lose, so it will not affect company profits as their stupid case did.
The solicitors would particularly like to talk to anyone who bought or sold (including DRP) IAG during the relevant period in 2020.
I feel that this is a useful thing to be involved in, not because of any monetary benefit, but because the directors and/or CEO will look bad and will have to move on. Hopefully, new directors will be more conscientious.
IAG Price at posting:
$4.41 Sentiment: Hold Disclosure: Held
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