Bank Ordered To Pay More Costs In Fake Pirate Claim

Law360, London (December 4, 2019, 12:38 PM GMT) -- A court ruled on Wednesday that a Greek bank must pay several insurers up to £3.8 million ($5 million) in additional costs after throwing out the lender's $77 million insurance claim for what later emerged to be a fake pirate attack.

Judge Nigel Teare said at the High Court that he was awarding costs on an indemnity basis to Talbot Underwriting, Hiscox and eight other insurers after he found that Piraeus Bank AE had knowingly pursued a weak case in an “uncompromising manner.”

The costs come on top of the £8.7 million paid to the underwriters after the 52-day trial ended in...

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