Insurance Claim Dropped From Natixis' $32M Nickel Dispute

Law360, London (February 6, 2019, 10:49 PM GMT) -- A Lloyd’s of London syndicate and Marex Financial Ltd. have settled a claim brought by Marex that was intended to cover any costs the broker could be hit with if French investment bank Natixis proves successful in an underlying $32 million suit over allegedly fraudulent nickel storage receipts.

Judge Simon Bryan of the Commercial Court formally dismissed Marex’s Part 20 claim against MCap, confirming in a consent order dated Feb. 4 that the parties had “agreed confidential terms of settlement.”

Commodities broker Marex had urged Natixis to add MCap, a Lloyd’s of London underwriting syndicate that provided it with insurance coverage,...

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