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High Court rules that three specific alleged wrongful acts, notified during a 2016 insurance policy period, should not be aggregated back to the 2015 policy but instead allocated to the 2016 policy. The court found that these acts, involving misrepresentations related to accounting, pricing, and market pressures, were not 'similar or related' to two other wrongful acts allocated to the 2015 policy. Consequently, the three acts will be treated as a single claim under the 2016 policy, and the insurer cannot rely on an exclusion clause to avoid coverage for these acts.
Insurance policies - shareholder class actions - wrongful acts - policy allocation - aggregation clause - event clause - originating cause clause - single claim - misrepresentation - accounting treatment - organic growth - integration issues - pricing pressures - exclusion clause - High Court judgment.
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