Greensill’s Fraud Should Block $400 Million Payout, Zurich Says

Lex Greensill’s fraud and “conspiracy” with commodities tycoon Sanjeev Gupta should prevent the financier’s collapsed bank from making a $400 million claim, Zurich Insurance Groupsaid in a London lawsuit.

Greensill Bank AG’s administrators sued Zurich to recoup losses of about $274 million incurred on debt the bank acquired from a Credit Suisse subsidiary as well as about $127 million for non-payments by Gupta’s Liberty Commodities Ltd.

Lex Greensill during a live steam hearing.

Source: Bloomberg

The insurer countered in a recent court filing that Greensill’s almost daily interactions and business arrangements with Gupta and his companies should mean Zurich doesn’t have to payout.

Greensill Sues ...