XL sues client over "false" policy application
XL Group is suing one of its clients, hedge fund Level Global, for $7.45m ($4.74m) for allegedly making misrepresentations when purchasing an insurance policy.
The Financial Times has reported that XL is seeking to rescind a $10m liability policy covering the period between 21 April 2010 and 21 April 2011, and to recover the sum it already paid.
The insurer has accused the hedge fund, which is also facing insider trading charges, of providing “false” answers in its application in 2010, when it said it was unaware of any situation that might provide valid grounds for a claim.
The company has filed a lawsuit in federal court in New York against the hedge
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