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High Court of England and Wales: Greensill and Gupta deny Zurich’s conspiracy and misrepresentation allegations as insurer seeks to avoid trade credit policies on Greensill Bank receivables

Published on: 05 September 2024

Published by a Law360 reporter
Legal News
Article summary

Greensill and Gupta have each dismissed Zurich Insurance Co Ltd's assertion that they took part in a 'fraudulent scheme' which, the insurer says, would let it avoid insurance claims brought by administrators of Greensill's collapsed German banking arm, according to High Court papers they have lodged. Greensill submitted his defence to Zurich's defence and counterclaim on 30 July 2024, with Gupta filing on 2 August 2024. Both men deny involvement in any alleged plot to mislead Zurich, responding to the insurer's 26 January 2024 defence and counterclaim in proceedings arising from the 2021 collapse of Greensill Capital (UK) Ltd. Greensill maintains he 'was not party to the alleged or any fraudulent scheme', and was 'not part of the alleged or any conspiracy'. Gupta likewise argues 'there was no such conspiracy' and that he 'did not engage in any unlawful means as alleged, and...did not intend, and has not caused, Zurich harm'. Greensill Capital, founded by Greensill in 2011, advanced funding to clients against their suppliers' invoices taken as collateral, then pooled the loans into securities for sale to investors...

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