Crown Resorts sues insurer over A$72.5m scandal payout
AIG’s A$7.5m payout has already exhausted the primary layer of Crown’s cover.
The hit
Crown Resorts is suing insurer RiverStone International, accusing it of refusing to pay out under excess policies meant to cover Crown’s A$72.5m shareholder class-action settlement. The lawsuit, filed in the Supreme Court of Victoria, alleges Crown was told to act as though it were “uninsured” while negotiating the deal.
Why it matters
Crown settled a class action over alleged misleading statements about its anti-money laundering compliance, without admitting liability. If RiverStone keeps refusing to pay, Crown bears more of the cost itself, on top of scheduled instalments already due through 2027.
The record
| Settlement total | A$72.5m (US$51m), agreed by Crown without admitting liability |
|---|---|
| Primary insurer payout | A$7.5m paid by AIG before that layer was exhausted (Sydney Morning Herald) |
| RiverStone’s share of risk | 50% of Crown’s fourth- & fifth-layer excess policies |
| Payments made so far | A$20m paid in 2025, A$25m paid by 11 May 2026 |
| Final instalment due | A$27.5m due by 10 May 2027 |
| AUSTRAC investigation launched | October 2020, triggering a share price fall |
What happens next
RiverStone has yet to file its defence. Crown is still facing a substantial portion of the class action bill.
Sources: Crown Resorts Sues Insurer Over A$72.5M Casino Scandal Settlement
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