ABN Amro Seeks To Pin £35M Cargo Loss On Broker At Trial

Law360, London (November 9, 2020, 4:47 PM GMT) -- A group of underwriters and a broker have put forward "hopeless" defenses to avoid liability for £35 million ($46 million) in losses suffered by an ABN Amro Bank NV subsidiary after a commodities deal went bust, the Dutch lender's lawyer said at trial Monday.

Rebecca Sabban-Clare QC, counsel for ABN Amro, told Judge Richard Jacobs that either the underwriters or Edge Brokers London Ltd. "must be liable" to her client under a marine cargo insurance policy that the bank's subsidiary Icestar BV took out for February 2016 to February 2017.

ABN Amro says the underwriters, which include Royal & Sun Alliance...

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