The Sydney-based insurer is defending claims from the administrator of a bank named for Bundaberg-born financial whiz Lex Greensill.
as an example of multiple alleged breaches of authority having occurred in insurance cover being extended to German-based Greensill Bank and Greensill Capital.
The litigation surrounds the supply chain finance business of Bundaberg-born Lex Greensill, a former Rich List billionaire who created a business stretching from London to Queensland, hiring advisers including former British prime minister David Cameron and Australian foreign affairs minister Julie Bishop.Greensill Group entities packaged up invoice “receivables” and sold them to Credit Suisse. The Swiss bank sold them on to investors.
* the guidelines limited cover to $50 million or less and the policies in question lacked such limits;IAG further said at all material times, it did not know the policies had been issued.