Law Firm Says Chubb, AIG Too Late To Recover Payout

Law360, London (May 27, 2021, 3:39 PM BST) -- A defunct law firm has said that Chubb, AIG and other insurers waited too long to sue to recover money paid out under a professional indemnity insurance policy because of its alleged fraud against Santander and other mortgage lenders.

Lawyers for Nadeem Khan, who established Richmond Law, said in a High Court filing on Tuesday that the group of 24 insurers — which also includes Hiscox, Aviva and QBE — cannot recover the £816,000 ($1.2 million) they paid out to the firm under the policy.

The insurers sued Khan in October to recover the money, which was used to defend and...

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