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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court. -
Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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The probe determined that Syed Baghdadi and Gator falsified information and misappropriated premiums, leaving multiple customers uncovered.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
