Vesttoo
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Bermuda liquidators had earlier objected to out-of-court agreements between parties. -
Sources cited numerous issues with how collateral protection insurance was designed.
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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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Vesttoo is unable to make a similar request again.
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The agreements emerged from a mediation process.
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All parties interested in the case have agreed to participate in the process.
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The figure was disclosed in the group's recent 8-K disclosure.
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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 motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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