No Cover For $1B Ponzi Scheme Audits, Insurers Say

By Silvia Martelli (May 12, 2022, 3:36 PM BST) -- Zurich Insurance PLC said it does not have to pay out to a corporate services company for negligence lawsuits over its auditing of a business involved in a $1 billion Ponzi scheme because its lawyer knew that it was likely to be sued before it entered into the policy.

Zurich Insurance and 29 other insurers said in a defense filed at the High Court that they do not have to indemnify Vistra Group Holdings (BVI) Ltd. and three connected companies. The group of insurers claims there is a contractual clause that says they are not liable for claims that the insured...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!