QBE chief executive John Neal. Photograph: Louise Kennerley
Maurice Blackburn Attorneys are considering a class action towards QBE Insurance Group, just as the insurance company’s executives put together to encounter investors at the yearly standard meeting.
News of the likely class action comes a tiny in excess of 2 months soon after it was brought to light that law company Slater & Gordon also explored a class action against QBE Insurance in excess of its recent savage profit downgrade, but backed away following finding no proof of the company breaching disclosure obligations.
Late final year, QBE warned it would post its 1st annual reduction in twelve many years for the year to December 31 due to provisions and writedowns in its troubled US enterprise.
The severity of the downgrade – an anticipated $ US250 million loss rather of a profit of much more than $ US1 billion – claimed the scalp of chairwoman and long-time director Belinda Hutchinson, who will stand down in March.