Private Credit Firm Seeks Millions Back From Greensill Demise

The abrupt unraveling of insurance policies tied to Lex Greensill’s finance firm sent “shockwaves” through the world’s largest insurance broker, a private credit firm said at the start of a London trial.

Marsh & McLennan’s UK unit is defending a claim from San Francisco-based White Oak, which invested $142 million in a Greensill Capital financing only to face wipeout following the firm’s collapse. Marsh didn’t relay its concerns about the validity of insurance covering Greensill notes to external investors like White Oak, leaving them exposed to hundreds of millions of dollars in losses, lawyers said in court filings. ...