As I understand it the QLD government has insurance for this type of claim. As a QLD tax-payer, I would hope it doesn't send the government broke :)
Maurice Blackburn is currently touring around evaluating the support for a class action.
http://news.ninemsn.com.au/national/floods/8438087/qld-flood-law-suit-attracts-hundreds-more
Agreed JMegL, it is a complex case. IMF management have proven in the past that they are conservative and will only proceed if the case is extremely strong. I can sleep well at night knowing that they won't make rash decisions.
As I understand it the QLD government has insurance for this...
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