By a judgment 13 June 2011 the Court of Appeal dismissed appeals by QBE Insurance & American Home Assurance against a High Court decision finding them liable under insurance policies for goods of Pegasus Group Ltd stolen from warehouses operated by New Zealand Express Ltd. The Court of Appeal agreed with the High Court that the inventory computation exclusion clause in the insurance policy did not apply to prevent Pegasus succeeding. There was direct evidence of stock theft apart from the stocktake records.