20 November 2018
Ponzi schemes and aggregation clauses: Bank of Queensland Ltd v AIG Australia Ltd  NSWSC 1689
The application of aggregation clauses to Ponzi schemes is an area bereft of prior authority. In Bank of Queensland Ltd v AIG Australia Ltd  NSWSC 1689, the Supreme Court of New South Wales had to decide whether multiple claims against a bank arising from multiple unauthorised withdrawals were to be treated as one claim for the purposes of the deductible applicable to a liability insurance policy. The Court’s decision is considered by Miles Harris of 4 New Square.