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Insurer IAG has argued Greensill investor White Oak failed to verify the existence of $140 million in receivables for fear the deal wouldn't go ahead -- conduct, it says, that was “redolent of a deal that is too good to be true”.
Insurance underwriter Tokio Marine has denied misleading US investment firm White Oak by staying silent on alleged issues with an IAG policy keeping Greensill's supply chain financing business operating.
After baulking at paying for their Rolls-Royce defence, Greensill investor White Oak has been ordered to pay a total of $13 million in security to insurers IAG, Tokio Marine and BCC for their costs of a 35-day trial.
Greensill Capital's founder expressed "shock" in 2020 when concerns emerged over the validity of an IAG policy keeping his financing business afloat, telling underwriter BCC's then managing director the issue needed to be kept quiet, a court has heard.
IAG and Tokio Marine kept their concerns about the validity of Greensill Capital's 2019 trade credit insurance policy confidential, even as they must have known the supply chain financier was using the policy to attract investors, a trial court has heard.
A judge overseeing the trial in a case against a group of insurers over the collapse of Greensill Capital has ruled that a report by a Japanese law firm is privileged despite the absence of legal professional privilege in Japan.
Investor White Oak on Tuesday fought back against a push by IAG and Tokio Marine for over $15 million in security on the eve of trial in its case over the collapse of Greensill Capital, saying the insurers' Rolls Royce approach was unreasonable now that the bulk of the $7 billion litigation had settled.
Greensill investor White Oak is fighting insurer Tokio Marine's claim of privilege over a report by a Japanese law firm into the collapse of the supply chain financier, saying the privilege is not recognised in Australia.
Insurance Australia Group said Friday it had settled the $2.8 billion claims of Credit Suisse over the collapse of supply chain financier Greensill Capital.
A judge has set down the start of trial in Greensill investor White Oak's case against Insurance Australia Group, as the insurer finalises its settlement with Credit Suisse and UBS over the collapse of the supply chain funder.