RBS Demands £24M From Insurers Over Madoff Fraud Losses

Law360, London (January 17, 2020, 6:47 PM GMT) -- The Royal Bank of Scotland has taken aim at five insurers who wrote computer fraud policies for one of its subsidiaries, saying it is owed more than £24 million ($31.3 million) for losses caused by Bernard Madoff's investment vehicle.

CNA Insurance Company Ltd. and four Lloyd's of London subsidiaries agreed to provide ABN Amro, which was acquired by RBS in 2007, with various forms of "comprehensive crime and professional indemnity" cover, according to a particular of claims recently made available.

According to the suit, ABN relied on electronic documents it was sent by Bernard Madoff Investment Securities LLC to set its...

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