A long-running dispute between Australian Unity and Calliden over Calliden’s 2007 purchase of Australian Unity’s general insurance business has been settled.
The settlement has seen Australian Unity paying Calliden around $3.4 million in full and final settlement.
Both companies announced to the Australian Securities Exchange (ASX) today that the parties had reached a commercial settlement in relation to the NSW Supreme Court proceedings, which had been underway since May, 2008.
The dispute involved the actuarial valuations undertaken to a share sale deed under which Calliden purchased the general insurance business.
The companies said the specific terms of the settlement would remain confidential.
