Vesttoo
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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.
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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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All parties interested in the case have agreed to participate in the process.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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Growth driven by 14% expansion in reinsurance solutions division.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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The debtors are challenging the US courts for not addressing cross-border issues.
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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.
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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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The “convenience claims” route to payout will be limited to claims up to $200,000.
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