Broker escapes liability in Amro Bank’s £ 34million lawsuit

By Joanne Faulkner (December 2, 2021, 9:49 p.m. GMT) – An appeals court ruled on Thursday that two underwriters could not transfer liability to a broker in the £ 33.5million cocoa supplier fraud lawsuit ($ 45.7 million) from ABN Amro Bank NV, ruling that the insurers agreed to pay regardless of the false statements made by the broker.

The Court of Appeal allowed Edge Brokers (London) Ltd.’s appeal. against the lower court ruling that she owes the bank £ 3.3million allegedly paid by Ark Syndicate Management Ltd. The panel of judges unanimously concluded that a no-avoidance clause in the policy prevents them from refusing to pay based on misrepresentation Edge …

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