Amended Writ of Summons in William Ritter and Geneva Insurance SPC Limited v Butterfield Bank (Cayman) Limited at the Grand Court of the Cayman Islands.
Butterfield Bank (Cayman) Ltd. has been dragged into litigation arising from the theft by David Self of approximately $1 million from clients of his Cayman Islands-based captive management firm Monkton Insurance Services Ltd.
Three captive insurance companies in the Cayman Islands - Warco Insurance Corporation, Landis Insurance Company and Landrin Insurance Corporation - are suing their former manager, David Self, for the return of US$988,881, plus interest, that he allegedly misappropriated.
David Self, former president and director of captive insurance manager Monkton Insurance Services Ltd., is "in custody" in the Cayman Islands after misappropriating up to US$1 million belonging to his company and its clients, according to the firm's liquidators.
Cayman Islands-based captive manager Monkton Insurance Services Limited has been taken over by its regulator and the firm's president and director, David Self, sued for damages for alleged breaches of fiduciary duties.