QBE Insurance Settles Australian Securities Class Action Lawsuit      

In the third-largest securities class action settlement ever in Australia, QBE Insurance has agreed to settle the securities suit pending in the Federal Court of Australia and filed against the company on behalf of QBE investors related to the sharp share price decline the company experienced in December 2013. The amount of the settlement is A$ 132.5 million (US$ 103.5).The company admitted no liability in connection with the settlement. The settlement is subject to Court approval. A copy of QBE’s December 28, 2017 market statement regarding the settlement can be found here.   Background The class action lawsuit relates to QBE’s December 9, 2013 announcement (here) that the company would not meet earlier profit and financial performance guidance, and that it was expected to incur significant write-downs and post a loss of A $250 million for the 2013 fiscal year, as result of claims provisioning and write-downs of goodwill and intangibles in its North American…

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