Find the latest newsbits from VCDG regarding events or other important information.
The Banking Royal Commission final report was released to the public on 4 February 2019. In the report, Commissioner Hayne has made 76 recommendations, some of which may have significant impacts across the banking, superannuation and financial services industry, and those who regulate it. While no individuals have been referred for criminal prosecution, the Commissioner has identified 22 entities as having engaged in possible misconduct. The report also recommends expanding enforcement powers for regulators and increasing penalties for law breakers. Given the endorsements received from both sides of Government to the majority of the recommendations, there is little doubt we will see swift legislative and regulatory action. See full article at https://www.gclegal.com.au/limelight-newsletters/banking-royal-commission-report-in-a-nutshell/
In a split decision delivered on 26 February 2019, the NSW Court of Appeal found that a cause of action for breach of a promise to indemnify under an insurance policy accrues at the time of the insurable event – even where a claim has not been made or has not been assessed. The majority of the Court of Appeal held that the limitation period for property damage insureds under policies promising to ‘indemnify’ for loss begins to run from the date of damage rather than at some later time when indemnity is denied or taken to have been refused. See full article at http://www.turkslegal.com.au/publications/when-does-indemnity-arise-accrual-cause-action-breach-contract-under-property-damage
The Banking Royal Commission final report was released to the public on 4 February 2019. In the report, Commissioner Hayne has made 76 recommendations, some of which may have significant impacts across the banking, superannuation and financial services industry, and those who regulate it. See full article by Katherine Czoch , Justine Siavelis , Nitesh Patel of Gilchrist Connell https://www.gclegal.com.au/limelight-newsletters/banking-royal-commission-report-in-a-nutshell/
The VCDG thanks you for your support in 2018 and wishes you all a safe and festive holiday season and a Happy New Year in 2019!
The last few years have seen an influx of credit hire and credit repair claims being brought against the insurers of‘ at fault’ parties. Whether the matter relates to repairs performed on credit or credit hire car charges, it is largely decided that the Plaintiff is only entitled to damages within market range of other mainstream repair or hire car companies. Unfortunately, with the formation of new entities purporting to provide services on credit, and the ever-changing market rates of services, not even well-established case law will deter a high percentage of credit matters being litigated; leading to high expenditure by insurers. See full article http://www.turkslegal.com.au/sites/default/files/publications/TurkAlert%20-%20Small%20win%20for%20insurers%20dealing%20with%20credit%20claims.pdf
In the recent judgment of Gayle v Fairfax Media Publications Pty Ltd (No 2); Gayle v The Age Company Pty Ltd (No 2); Gayle v The Federal Capital Press of Australia Pty Ltd (No 2)  NSWSC 1838, the NSW Supreme Court ordered three defendants to pay a combined $300,000 in damages to famous West Indian cricketer, Chris Gayle for articles published by Fairfax Media in Sydney, Melbourne and Canberra, which claimed Mr Gayle exposed himself to a female massage therapist while in Australia for the World Cup in 2015. See full article https://www.gclegal.com.au/limelight-newsletters/publishers-up-for-300000-for-publishing-defamatory-newspaper-articles-actuated-out-of-malice/
The Wayne Tank principle operates with the effect that insurers may avoid liability where there are multiple causes of damage and only one of these causes of damage falls within an exclusion clause under the policy. In rejecting the Plaintiffs’ claims following flooding in the Brisbane CBD in January 2011 his Honour Justice Davis pointed out that insurers cannot simply rely on the Wayne Tank principle and they must consider the application of the contractual intentions of the parties and in particular the wording of the exclusion itself before relying on Wayne Tank to decline a claim. here.
Gilchrist Connell's latest Limelight edition explores the recent decision of Brighton Australia Pty Ltd v Multiplex Constructions Pty Ltd  VSC 246 which held that a limitation clause in a construction project that sought to restrict the time in which a party could bring a misleading or deceptive conduct claim under the Australia Consumer Law (ACL) was unenforceable. See the full article by Katherine Czoch and Marini Mann here.
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