Legal

The broker argued that it was not “reasonable” to overstep its position as broker to Greensill, the failed supply chain finance firm, and provide certain information to White Oak.

The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.

The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.

Guy Carpenter has succeeded in bringing Ronda into the suit, while Baotic and Nicosia will not be added.

The co-founders will be on paid leave until a final decision is taken.

The legal action follows the resignation of 38 of Guy Carpenter’s European staff to join Howden Tiger.

The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

The case is the latest in a steady flow of legal disputes relating to business closures during the pandemic.

The judge rejected all the buyer’s claims for breaches of the warranty under its buy-side W&I policy.

The original verdict could lead to increased payouts for the insurance industry from Covid BI claims.

Former Cooper Gay CEO Toby Esser is seeking £9.38mn damages claim in the fraud case.