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BVI attorney ‘agrees to pay’ $425K to settle failed Liberia asset recovery case

British Virgin Islands-based asset recovery attorney Martin Kenney has agreed "in principle" to pay $425,000 to settle his U. S. liability to CIGNA Worldwide Insurance Company concerning a failed asset recovery attempt on behalf of businesspeople in war-torn Liberia, it was disclosed yesterday in a court filing in the United States.

US prosecutor to seek indictments against asset recovery attorney and litigation funder

After both defendants failed to show up for a hearing two weeks ago on why they should not be held in criminal contempt, the U. S. Department of Justice intends to seek criminal indictments against an asset recovery attorney in the BVI and a litigation funder in Ireland. It would elevate the alleged offense from a misdemeanor to a felony and would seemingly increase the risk of extradition proceedings being initiated, although one defendant said he was confident no extradition attempt would be made and would fail if it was.

CIGNA Worldwide Insurance Company v. ACE Ltd.: Order Adding Parties

Order adding Echemus Investment Management Ltd., Echemus Group, LP, CC International Limited, and Martin S. Kenney as parties for the purposes of costs only in CIGNA Worldwide Insurance Company v. ACE Limited at the Grand Court of the Cayman Islands.

ACE sued for $133 m in Cayman over unpaid claims arising from Liberian civil war

ACE Ltd. is being sued for US$133 million at the Grand Court of the Cayman Islands by the Receiver of the Liberian operations of CIGNA Worldwide Insurance Company.The action was brought on July 9, 2008 - one day before ACE's shareholders approved - at the company's AGM in Bermuda - a proposal to move ACE's domicile from the Cayman Islands to Switzerland. Two days prior to the completion of its re-domestication being announced on July 18, ACE gave a written undertaking to the Cayman court that its Swiss successor would submit to the jurisdiction following the transfer and pay any sum that the court might order in the case. Without such an undertaking, it is questionable whether ACE would have been allowed to move to Switzerland.