Vesttoo
-
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.
-
Bermuda liquidators had earlier objected to out-of-court agreements between parties.
-
The approval takes account of several out-of-court settlements.
-
Procedural expenses in the case have been as high as $100,000 per day.
-
Vesttoo is unable to make a similar request again.
-
All parties interested in the case have agreed to participate in the process.
-
The figure was disclosed in the group's recent 8-K disclosure.
-
The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
-
The company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.
-
The parties also signed a release of claims arising from the Vesttoo fraud.
-
The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
Related
-
Vesttoo creditors offered quick payout options as claims reach $2.7bn
December 18, 2023 -
Clear Blue sues Aon over alleged involvement in Vesttoo collateral fraud
December 04, 2023 -
Court rejects US Trustee’s Chapter 7 motion for Vesttoo
November 10, 2023 -
Need to Know: ITC, AIG results, Markel lessons
November 03, 2023