The UK Supreme Court has ruled that insurers cannot pursue claims in England to recover $22m paid out for a bulker that was later determined to have been scuttled by its owners.
The insurers, which include Aspen Underwriting, have been pursuing legal action in London to recover the sum, on the basis that it was a fraudulent claim.
The cash was paid under a settlement agreement following the total loss of the 27,209-dwt geared bulker Atlantik Confidence (built 1996), which sank in the Gulf of Aden in 2013.
