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No Cover For $1B Ponzi Scheme Audits, Insurers Say

Ponzi Scheme

No Cover For $1B Ponzi Scheme Audits, Insurers Say

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By Silvia Martelli (May 12, 2022, 3:36 PM BST) — Zurich Insurance PLC said it does not have to pay out to a corporate services company for negligence lawsuits over its auditing of a business involved in a $1 billion Ponzi scheme because its lawyer knew that it was likely to be sued before it entered into the policy.

Zurich Insurance and 29 other insurers said in a defense filed at the High Court that they do not have to indemnify Vistra Group Holdings (BVI) Ltd. and three connected companies. The group of insurers claims there is a contractual clause that says they are not liable for claims that the insured…

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