Vesttoo
-
White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit. -
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.
-
All parties interested in the case have agreed to participate in the process.
-
The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
-
Growth driven by 14% expansion in reinsurance solutions division.
-
The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
-
The debtors are challenging the US courts for not addressing cross-border issues.
-
The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
-
The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
-
The “convenience claims” route to payout will be limited to claims up to $200,000.
