Santander Says Genworth Can't Stick It With £265M Claim

Law360, London (April 2, 2019, 5:04 PM BST) -- Two British units of Santander have told London's High Court that they never agreed to indemnify insurer Genworth Financial Inc. for an insurance product allegedly mis-sold to French insurer AXA SA and therefore aren't on the hook for claims against the U.S. insurer.

Santander Cards U.K. Ltd. and Santander Insurance Services Ltd. pushed back in a March 29 filing against Genworth's attempt to saddle them with potential damages stemming from AXA's £265 million ($351 million) lawsuit against Genworth over loan insurance.

The Santander units said that their contract with Genworth did not include subrogation terms forcing them to pick up the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!