QBE CENTRE OF CLASS ACTION

Written on the 2 April 2014

QBE CENTRE OF CLASS ACTION

QBE Insurance Group (ASX: QBE) has today been announced as the subject of a potential shareholder class action, led by Maurice Blackburn Lawyers.

The insurance giant called a trading halt on December 6 last year, followed by announcing an expected loss of $254 million three days later for financial year 2013. It was the first loss for the company since 2001.

Stock declined 22.3 per cent, with the share price down $12 closing at $3.45 a record single day fall for QBE in 12 years.

Shareholders have the opportunity to hold QBE to account for its share price collapse on December 9, when the market responded by wiping $4 billion off the market value of QBE.

Investors will be entitled to compensation if QBE has been found to breach its obligations or mislead the market.

Maurice Blackburn Class Actions Principal Jacob Varghese says QBE is currently under investigation by the firm to decide whether it had a duty to inform the market of its losses sooner.

"We have been approached by shareholders concerned that QBE was less than frank and timely to inform of the troubles in its North American business, which were at the heart of last year's surprise loss," says Varghese.

"It is very likely that QBE will face a class action if enough shareholders express interest."

Maurice Blackburn is currently encouraging shareholders to register interest in the case at no cost on their website.

QBE was trading up 0.24 per cent today at $12.77, a significant leap from its loss in December.

 


Latest News

BUNNINGS BOSS JOHN GILLAM QUITS WESFARMERS

THE man behind Bunnings' home improvement domination has resigned from his role in charge of the retailer.

...

NOVOTEL SALE REFLECTS HOT BUYERS' MARKET

AFTER two decades in the hands of a private syndicate, The Novotel Melbourne Glen Waverley has been sold to the Sy...

SUPERLOOP ONE STEP CLOSER TO BIGAIR ACQUISITION

BIGAIR (ASX:BGL) shareholders have given Superloop (ASX:SLC) the green light to acquire the telecommunications com...

RINEHART-BACKED OIL AND GAS EXPLORER SUES VICTORIA FOR $2.7 BILLION

AN oil and gas explorer backed by Gina Rinehart (pictured) is suing the Victorian state government for more than $...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter