Shareholders sue QBE Insurance

Shareholders of Australia-based QBE Insurance Group Ltd. have sued the insurer for over $200 million Australian ($140.3 million) over a profit downgrade in 2013 that wiped $2.82 billion off its market value in one day, reports Reuters.

Law firm Maurice Blackburn said that it had filed a case on behalf of nearly 700 clients seeking compensation from QBE for "shares purchased at inflated prices."

QBE shocked the market in December 2013 with an announcement that it was expecting a $250 million loss for fiscal 2013.

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