Reinsurer Says $4.5M Fraudulent Wire Transfer Lawsuit Against Bank Should Proceed

ORLANDO, Fla. — Barents Reinsurance S.A. is urging a Florida federal judge to refuse to dismiss its second amended complaint accusing a bank of negligently allowing $4.5 million in reinsurance proceeds to be fraudulently transferred to a scammer, arguing that the Uniform Commercial Code contains no privity requirement.

In a Sept. 10 opposition filed before Judge Anne Conway of the U.S. District Court for the Middle District of Florida, Barents contends that even if Section 670.207 of the UCC contained a privity requirement, Truist Bank failed to refund the payment with interest, as required by the code.

Barents Reinsurance S.A. …