Greensill Administrator Suing Zurich Insurance: The administrator for a German bank owned by Greensill Capital is suing Zurich Insurance for losses it claims were covered by the Swiss insurer. Zurich said it will contest the… Greensill Zurichinsurance
Zurich Insurance is being sued in a London court by the administrator of Germany's Greensill Bank which is seeking $250 million in damages, according to a «Financial Times» story Tuesday.
Greensill acquired a Bremen-based bank in 2014 and renamed it Greensill Bank, which extended loans backed by supplier invoices. The loans were subsequently bundled and sold as investments. Greensill, founded by Lex Greensill and David Cameron, the former UK prime minister, failed in 2021. At issue are payments made by Greensill to Liberty Commodities that were thought to be collateralized by money owed to Liberty, with Greensill assuming the obligations. The administrator is claiming it failed to receive money owed to it that was insured by a policy the bank had with Zurich.
For its part, Zurich says it «has meritorious defenses to the policy and the claims raised and will vigorously contest the action,» according to the story. Other insurers are being sued by Greensill in courts in Australia. If those are successful, any payments resulting from those cases will offset the money sought from Zurich.
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