Spanner in the works for AXA deal
(13 August 2010 − Australia) National Australia Bank has not revealed whether it has made any provisions for possible damages being sort by two aggrieved policy holders against AXA Asia Pacific reportedly worth A$2 billion as part of the bank’s recast bid.
A claim for damages worth A$2 billion is expected to be lodged against AXA Asia Pacific next week in the Victorian Supreme Court, after a partially successful court battle against the insurance company last year.
The potential suit could disrupt National Australia Bank’s A$13.3 billion bid for the company.
A spokesperson for AXA told The Australian newspaper that it denies the plaintiffs’ claims for damages and will contest the matter vigorously.
The spokesperson also confirmed the matter was due before the Supreme Court in March 2011.
The Australian newspaper also reported that it is understood AXA rejected an offer from one of the plaintiffs’ to settle for A$70 million.
The Argot Unit Trust and Pegela are pursuing the suit after the Victorian court overturned the initial finding of validity by the Supreme Court.
Scott Tyne, Argot’s principal told The Australian newspaper that he and Garrick Hawkins, Pegela principal, notified National Australia Bank some months ago.
However, Mr Tyne said the pair never heard back from the bank, even after sending a copy of the judgement to Cameron Clyne, the bank’s chief executive.
The potential suit could disrupt National Australia Bank’s A$13.3 billion bid for the company.
A spokesperson for AXA told The Australian newspaper that it denies the plaintiffs’ claims for damages and will contest the matter vigorously.
The spokesperson also confirmed the matter was due before the Supreme Court in March 2011.
The Australian newspaper also reported that it is understood AXA rejected an offer from one of the plaintiffs’ to settle for A$70 million.
The Argot Unit Trust and Pegela are pursuing the suit after the Victorian court overturned the initial finding of validity by the Supreme Court.
Scott Tyne, Argot’s principal told The Australian newspaper that he and Garrick Hawkins, Pegela principal, notified National Australia Bank some months ago.
However, Mr Tyne said the pair never heard back from the bank, even after sending a copy of the judgement to Cameron Clyne, the bank’s chief executive.
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