Robert Porter is back in the courts. The former OAMPS CEO is in the process of suing AMP-owned Giordian Runoff. OAMPS held its D&O insurance with GIO, and Giordian is handling the GIO run-off business. Mr Porter is trying to enforce the policy to cover the costs of his defence in a criminal case lodged last year by the Australian Securities and Investments Commission.

The regulator alleged Mr Porter abused his position as a director of the company in a share purchase. But the case ended up centred on evidence by former FAI MD (and HIH Royal Commission stalwart) Rodney Adler. The charges were dropped on the advice of the Director of Public Prosecutions and the trial aborted.

But Mr Porter still wants his defence costs covered. Giordian is relying on policy exclusions, including a defence that Mr Porter did not make GIO aware of circumstances before the period of insurance that might have given rise to a claim.