FDIC Says Forged Inyx Docs Support $25M Westernbank Claim

Law360, New York (June 21, 2012, 1:49 PM ET) -- The Federal Deposit Insurance Corp. on Wednesday said it has uncovered evidence of double billing by U.K. pharmaceutical company Inyx Inc. to now defunct Westernbank Puerto Rico, reinforcing the FDIC’s disputed $25 million insurance claim.

Through interviews with former Inyx employees, the FDIC said it gained proof that the company submitted altered and fraudulent invoices to Westernbank in connection with a loan from the bank. The invoices were made to extract money from the bank through the loan, which had a $46 million cap, even though...
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Case Information

Case Title

W Holding Company, Inc. v. Chartis Insurance Company - Puerto Rico


Case Number

3:10-cv-01713

Court

Puerto Rico

Nature of Suit

Insurance

Judge

Jose A Fuste

Date Filed

July 26, 2010

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