QBE Insurance Group settles shareholder class action

Company News

by Jessica Ellerm

QBE Insurance Group Limited (ASX:QBE) has reached an agreement to settle a shareholder class action proceeding bought against the insurer by the trustee of a self managed super fund in 2015.

The class action looked to determine whether QBE failed to comply with its continuous disclosure obligations and engaged in false and misleading conduct in the lead up to the revised profit guidance that was released to the market in early December 2013.

QBE has agreed to pay $132.5 million in full and final settlement of the proceedings, including interest and the applicant’s costs.

The settlement is without any admission of liability by QBE and is subject to court approval and will not have a material impact on QBE’s 2017 second half earnings.

QBE Insurance Group Limited (ASX:QBE) closed 0.09 per cent higher at $10.71.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.