Insurance Australia Group (ASX:IAG), the largest insurer of bankrupt Greensill Capital, is seeking to postpone a AU$7 billion trial scheduled for March 2026 in Sydney's Federal Court, citing the need for additional time to review over one million documents ahead of the proceedings, the Australian Financial Review reported Tuesday, citing court documents.
The trial follows Greensill's 2021 collapse, with creditors like Credit Suisse and White Oak seeking to recover billions tied to invoices bundled by Greensill and insured by IAG.
The creditors claim they were misled by Greensill's practices and are now seeking compensation through IAG's policies, the report said.
IAG argues the policies are invalid due to Greensill's misrepresentations and an underwriter exceeded his authority.
The insurer, along with Tokio Marine, requested more time to review the massive volume of documents. Creditors oppose the delay, warning it could increase costs and affect witness testimony, the report added.
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