IAG settles Greensill Bank proceedings, sees no material FY26 impact
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The news: Insurance Australia Group (IAG) has agreed to a confidential settlement of the long-running Greensill litigation, resolving Federal Court proceedings brought by Greensill Bank AG and its insolvency administrator over disputed trade credit insurance policies.
The context: The Greensill Bank proceedings form part of broader litigation in the Federal Court involving IAG and other parties. The claims relate to policies issued by BCC Trade Credit Pty on behalf of IAG to Greensill entities, with the face value of the disputed amounts estimated at around $4 billion.
Seperate proceedings brought by Credit Suisse and White Oak entities against IAG and other parties remain ongoing, with the aggregate value of those claims estimated at approximately $3 billion.
Greensill, founded by Lex Greensill and once valued at $3.5 billion, collapsed into insolvency in March 2021, triggering a series of legal disputes and regulatory investigations.
IAG said the settlement is not expected to have a material impact on its financial position or FY26 financial results.
