Credit Suisse funds claiming $2.8 billion in insurance after the collapse of Lex Greensill’s eponymous financial empire should share some blame because they did not check the validity of the policies, IAG has alleged.
The two funds operated by the Swiss investment bank bought billions of dollars in securities from Greensill Group entities, and the ASX-listed insurer claims they ought to have known that IAG’s half-owned agency which inked the policy did not have the authority to do so.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
