Bank of America settles for $17.85m in weather derivatives lawsuit
For four years, Bank of America has been seeking recompense for a weather derivatives deal written by the now-defunct CWWIA. Finally, the bank has settled its case. By Paul Lyon
Diamond State Insurance, a unit of Cayman Islands-domiciled United National Group, has agreed to pay Bank of America (BoA) $17.85 million to settle the bank’s claims under a series of weather derivatives policies written through the now-defunct Customized Worldwide Weather Insurance Agency (CWWIA).
The payment resolves litigation, which has been pending in the US District Court for the Southern District of New York since 2000, brought by the bank and Platinum Indemnity, a Bermuda
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