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Australia's Federal Court Dismisses Dynamic Insurance Services' Representation Application in Competition Case Against Steadfast Group, QBE Insurance

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Australia's Federal Court dismissed an application that sought approval for Dynamic Insurance Services Managing Director Cynthia Yap to represent the company in place of a lawyer in a case it filed against Steadfast Group (ASX:SDF), QBE Insurance (ASX:QBE), and Allianz Australia Insurance, according to a Wednesday judgement.

Dynamic Insurance has alleged that Steadfast, QBE, and Allianz misused their market power and engaged in anti-competitive practices.

"As a non-lawyer, it is inevitable that Ms Yap will encounter difficulties pleading and articulating sustainable causes of action that, irrespective of the underlying merits of the claims, is likely to lead to delay, increased cost and inefficiency in the conduct of the proceeding," the court said.

It also pointed to "a significant risk" that Yap will not be able to maintain objectivity to conduct the proceedings on behalf of Dynamic Insurance.

QBE Insurance shares fell 3% in recent Wednesday trade, while Steadfast was marginally lower.

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