Zurich Insurance Group has filed a counterclaim in London's High Court, alleging a 'conspiracy' involving financier Lex Greensill, steel magnate Sanjeev Gupta, and their companies, according to the Financial Times. The lawsuit, stemming from the collapse of Greensill Capital in 2021, centres on a US$400m credit insurance dispute. Zurich contends that the insurance is void due to deceptive practices surrounding a lending programme provided by Greensill Capital to Gupta's companies. This development adds to the ongoing legal saga surrounding Greensill's collapse, which has embroiled other parties including Insurance Australia Group and Marsh. Lex Greensill and Gupta have denied the allegations, setting the stage for a contentious legal battle.
