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Financial Services / Commodities

Financial Services & Commodities

Switzerland (Geneva)

Graham Denny

We advised on a multi-million dollar insurance claim for a Swiss bank facing a trade finance loss when an appointed Collateral Manager on the borrowing transaction documents (including a collateral management agreement) colluded with the borrower in the theft of coal in Turkey. The Collateral Manager’s Errors & Omissions Policy would not respond to fraudulent acts and the Collateral Manager was in liquidation soon after the loss.

A review of the bank’s crime insurance policy, and broad definition of “employee” indicated that it provided insurance cover for the loss. We successfully advised the bank and negotiated a settlement.

This involved consideration of the laws of England & Wales, Switzerland and Turkey.

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