At Langes+ we undertake a broad range of work for our financial services sector clients. Here's a snapshot of some of the matters we worked on over the previous month.
The spotlight this month is on some of our insurance litigation matters as well as commercial matters:
• Exploding LPG Gas bottle claim settled. We finalised a favourable settlement, negotiated at a mediation in WA, of a claim for personal injuries and property damage arising from the explosion of an LPG gas bottle. We were acting for a major insurer. Before we were instructed, the insurer had been represented by two other legal firms, the matter had been underway for 6 years, and there had been a previous unsuccessful mediation.
• Gold Bullion claim dismissed. Our client, an insurer, had denied a claim in which its insured claimed that she’d had 75 bars of gold bullion, and other property, stolen from her home. She claimed that she bought the gold using cash income she’d generated by selling virtual items in on-line games. Our client considered the claim to be fraudulent. The matter proceeded to trial this month in SA. On the third day of trial the insured consented to an order dismissing her claim.
• Faulty house claim settled. Our client, an insurer, was one of 5 defendants in an action commenced by homeowners whose home had been so badly affected by subsidence that it needs to be demolished and rebuilt. We represented our client at mediation, and a settlement was reached which our client considered to be very favourable.
• AGM and directors election related advice. We provided advice to a number of mutual ADIs in relation to AGM and director election related issues, and settled draft notices and related documents.
• Governance issues. We met with the Chairman and CEO of a mutual ADI to advise in relation to governance issues including board size, board rotation issues, and the potential appointment of board-appointed directors.
• Advertising of credit products. We advised a number of clients in relation credit advertisement related issues. Our advice covered various topics which included comparative advertising, the calculation and disclosure of comparison rates, and the content of qualifiers.
• Break fees. We assisted a client which was developing a new method of calculating early repayment, prepayment and switch fees on its loan products.
• Template loan documents. We assisted several clients to review and modify their existing forms of loan contracts and other loan related documents, either as part of general reviews or in order to create new loan products.
• Mortgage enforcement. We continue to handle numerous mortgage enforcement matters. We have matters underway in NSW, QLD, VIC, SA, and WA. In one matter there were 8 loans, 5 mortgages properties, and related borrowers one of which was a company which had gone into liquidation.
• Insurance agency agreement. We reviewed a proposed new agency agreement between an ADI client and an insurer.
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Posted 6th September 2013
by David Jacobson
in Compliance, Financial Services, Insurance