Vesttoo
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White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit. -
Its risk management of US captive reinsurance contracts has improved, the agency said.
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Bermuda liquidators had earlier objected to out-of-court agreements between parties.
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The approval takes account of several out-of-court settlements.
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Procedural expenses in the case have been as high as $100,000 per day.
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Vesttoo is unable to make a similar request again.
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All parties interested in the case have agreed to participate in the process.
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The figure was disclosed in the group's recent 8-K disclosure.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.
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The parties also signed a release of claims arising from the Vesttoo fraud.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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