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.