Swann Insurance settlement ranked #2 by Lawyerly

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We have been recognised in Lawyerly's 'Top 10 class action settlements for 2020', with the Swann Insurance settlement ranked #2 for the year.

Lawyerly's list of the largest settlements of 2020 is based on agreements reached in class actions last year where the settlement figure was revealed. It also includes agreements reached in late 2019, where the amount was not revealed until 2020.

We acted for the lead applicant in this class action against Insurance Australia Group subsidiaries Swann Insurance (Aust) Pty Ltd and Insurance Australia Ltd regarding the sale of allegedly worthless insurance in what was one of Australia's largest class actions by both class size and potential damages.

Our team was led by Partners Paul Reidy and Andreas Piesiewicz, with support from Partner Christopher Beames, Senior Associates Sara Gaertner and Felicity Karageorge, and various Associates and Law Graduates including Celeste Craggs, Lara Douvartzidis, Blake Hunt, Georgia Marwick, Shannan O'Donnell and Jasmine Tang.

The team secured a $138 million settlement, which included a $34.5 million commission for funder Balance, equating to 4.3 times its capital investment.

Important Disclaimer: The material contained in this article is comment of a general nature only and is not and nor is it intended to be advice on any specific professional matter. In that the effectiveness or accuracy of any professional advice depends upon the particular circumstances of each case, neither the firm nor any individual author accepts any responsibility whatsoever for any acts or omissions resulting from reliance upon the content of any articles. Before acting on the basis of any material contained in this publication, we recommend that you consult your professional adviser. Liability limited by a scheme approved under Professional Standards Legislation (Australia-wide except in Tasmania).