Court of Appeal debates multi-million dollar insurance clause

A Court of Appeal decision on the correct meaning of the term depreciation could be worth millions, as embattled trustee Trustees Executors (TEL) continues to fight for cover from QBE Insurance.The case arose after an unauthorised lending scandal left TEL liable for up to $20m in settlement payments to mortgage fund manager Tower.In late 2007, a group of loans worth $33m simultaneously defaulted in the $268m Tower Mortgage Trust Fund, which was set up with TEL as trustee and sub-manager.
 

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