IAG has agreed to settle the final remaining proceeding filed against it in the Federal Court related to the collapse of Greensill five years ago.

The White Oak matter – which the insurer said yesterday had settled on a confidential basis – involved a claim of about $170 million plus interest.

The litigation brought by Greensill Bank, an insolvency administrator, Credit Suisse and White Oak related to policies purportedly issued by BCC Trade Credit, which was previously half-owned by IAG.

In May, the insurer reached a confidential agreement related to claimed totals of about $4 billion and in September it settled a matter involving about $2.8 billion, plus interest.

IAG reiterated that the settlements will not have a material impact on its financial position or this fiscal year’s results.

Previously, it has noted anticipated recoveries including from insurance and reinsurance arrangements and other indemnities.

The insurer sold its stake in BCC Trade Credit to Tokio Marine Management (Australasia) in April 2019.