Bank Ordered To Pay Underwriters £1.06M In Seized Ship Suit

By Ronan Barnard (June 16, 2022, 4:53 PM BST) -- A judge has ordered a Greek bank to pay £1.06 million ($1.3 million) to insurance underwriters after he dismissed its $71 million insurance lawsuit over a ship detained in Venezuela for suspected oil smuggling.

High Court judge Neil Calver ordered Piraeus Bank AE to pay £1,060,000 to 12 Lloyd's underwriters and U.S. insurance company Navigators Insurance Co on June 9 after he dismissed its $71 million claim for the ZouZou tanker that was detained in Puerto La Cruz over alleged oil smuggling. Judge Calver also denied Piraeus permission to appeal the decision in the order, which was recently made public.

The judge had...

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