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...

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