Insurers Must Pay Bank For £34M Loans After Cocoa Fraud

Law360, London (March 1, 2021, 6:20 PM GMT) -- Underwriters could owe ABN Amro Bank NV as much as £33.5 million ($47 million) after a London judge ruled that they're on the hook for loans two cocoa suppliers failed to repay before they collapsed as the result of massive fraud. 

High Court Judge Richard Jacobs has ruled that the group of underwriters, led by Royal & Sun Alliance PLC, were bound to indemnify the Dutch lender under the terms of an insurance policy after the bank's cocoa clients defaulted on loans in 2016. 

The judge found on Friday that a special contractual clause, baked into the bank's coverage for damage to goods...

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