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In the tangled legal fallout of the $7 billion collapse of Greensill Capital, the administrator of the failed financier's bank has secured a so-called anti, anti-suit injunction against an arm of insurer Marsh.
Insurer Bond & Credit Company is seeking to join Greensill Group to three lawsuits over the financing firm's $1.7 billion collapse in March 2020, while Greensill has foreshadowed its own cross-claims against Insurance Australia Group.
Fired underwriter Greg Brereton has been granted an extension to respond to lawsuits targeting Insurance Australia Group over trade credit policies covering $4.6 billion in loans issued by collapsed Greensill Capital.
Insurance Australia Group is investigating the underwriter behind an allegedly unauthorised trade credit policy issued to Greensill Capital, according to a defence by the insurer in a $43 million case brought by a Credit Suisse supply chain fund left heavily exposed after Greensill's collapse.
A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.
Insurance Australia Group has denied it owes Greensill Bank $48.5 million under a trade credit policy issued by its agent BCC, saying the underwriter was not authorised to enter into the policy.
The insolvency administrator of Germany-based Greensill Bank AG has launched court proceedings against Insurance Australia Limited seeking US$35 million allegedly owed under a policy indemnifying the collapsed financial services firm for unrecovered debts.
Global investment bank Credit Suisse has launched legal action in the wake of the collapse of Greensill Capital seeking to wind up two firms helmed by British billionaire Sanjeev Gupta, including the company behind Whyalla Steelworks.
The Australian unit of Greensill Capital is heading for liquidation owing creditors in excess of $1.75 billion, administrators revealed Friday.
Greensill Capital UK filed for insolvency in a London court on Monday after losing insurance coverage for $4.6 billion in client loans.