Vesttoo
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation. -
The documents figure in a potential criminal case against a CCB employee.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit.
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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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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.
