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QBE Insurance settles class-action lawsuit for A$132.5M

QBE Insurance Group Ltd. agreed to pay A$132.5 million to settle a class-action lawsuit over its share price collapse in 2013.

The Australian insurer said it will pay the amount in full, which includes interest and the applicant's cost. The settlement does not indicate an admission of liability by QBE Insurance and is subject to court approval.

The class action was filed in September 2015 on behalf of investors who bought the company's shares between Aug. 20, 2013, and Dec. 6, 2013, prior to the insurer's announcement of an expected loss of US$250 million for fiscal 2013. QBE Insurance shares plunged following the announcement, wiping A$4 billion off the company's market value in one day.

QBE Insurance said the settlement will not have a material impact on its fiscal 2017 second half earnings.