Company: Vesttoo Page 1 / 1
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- August 30 2024
Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m
The lawsuit is another step to maximise recoveries for clients impacted by the Vesttoo fraud and make the bank accountable for the harm it has caused, Aon spokesperson told IAN.
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- May 10 2024
China Construction Bank sued over Vesttoo fraud charges in US court
US company Porch accused the Chinese bank of enabling a “massive fraud” that caused “monumental losses” for the company, in a complaint filed to a New York court.
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- October 24 2023
Vesttoo creditors seek to liquidate company and terminate all employees
The troubled insurtech, which the creditors' motion said is "viewed as the Madoff of insurance", is to file a response and expects the Bankruptcy Court to rule in November.
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- September 7 2023
Vesttoo investigation blames CEO, 3 senior execs, China Construction Bank and Standard Chartered staff for fraud
Interim CEO says it plans to sue the former employees named in the report and the Chinese bank, according to a first interim report with the US court identifying the people behind the forged letters of credit.
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- August 15 2023
Vesttoo files for Chapter 11 protection; board says no plans to liquidate
The move will provide the Israeli insurtech protection from its creditors and breathing room to pursue legal actions, the company claims.
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- August 4 2023
Vesttoo scandal contagion to curtail Asia business
The fallout is unlikely to affect Asia cedents but could create capacity constraints for MGAs and reputational damage in the insurtech and ILS spaces.
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- August 2 2023
Scandal-hit Vesttoo to close Asian offices: report
The insurtech will close its Tokyo, Hong Kong and Seoul offices, and lay off around 75% of its global staff.
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- July 20 2023
China Construction Bank at centre of Vesttoo US$4bn reinsurance collateral fraud: report
Forged letters of credit issued by the Chinese lender is revealed to have been used by investors for ILS transactions on the insurtech platform.
