Vesttoo
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The fund apparently plans to purchase life insurance policies as investments. -
White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit.
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Its risk management of US captive reinsurance contracts has improved, the agency said.
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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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Vesttoo is unable to make a similar request again.
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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 company has also been appointed to the statutory committee of unsecured creditors in Vesttoo’s bankruptcy case.
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The parties also signed a release of claims arising from the Vesttoo fraud.
Related
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Chaucer files motion to protect SAC assets in Vesttoo case
January 24, 2024 -
Vesttoo creditors offered quick payout options as claims reach $2.7bn
December 18, 2023 -
Clear Blue sues Aon over alleged involvement in Vesttoo collateral fraud
December 04, 2023 -
Court rejects US Trustee’s Chapter 7 motion for Vesttoo
November 10, 2023