Clear Blue sues Aon over alleged involvement in Vesttoo collateral fraud
Clear Blue has sued Aon in a Manhattan court, alleging the broker facilitated the fraudulent activity conducted by ILS InsurTech Vesttoo, which provided letters of credit (LOCs) as collateral to Aon’s ILS transformer platform White Rock.
The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on Vesttoo, and that it falsely represented each insurance and reinsurance transaction as fully collateralized and compliant.
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