In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
In addition to treatment of two ICC Draft Opinions, highlighting the first day of the next ICC Banking Commission Meeting
White Rock, an insurance solutions provider owned by Aon, filed a lawsuit on 27 August 2024 against China Construction Bank (CCB), alleging its involvement in a multi-billion-dollar fraudulent LC scheme centering around now-bankrupt insurtech firm, Vesttoo.
The lawsuit, filed in the Supreme Court of New York, claims that White Rock was misled into engaging in reinsurance transactions since it believed that valid letters of credit issued by CCB backstopped the transactions. In July 2023, however, CCB refused to honor the LCs, feeding suspicion of fraud.
In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
In addition to treatment of two ICC Draft Opinions, highlighting the first day of the next ICC Banking Commission Meeting
DCW delivers quarterly LC issuance statistics from the top 600 US-based banks. Here’s the latest data for Q2 2024.
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