Parties Settle Reinsurer’s $4.5 Million Fraudulent Wire Transfer Lawsuit Against Bank

ORLANDO, Fla. — A reinsurer’s lawsuit accusing Truist Bank of failing to prevent a fraudulent transfer of $4.5 million in reinsurance proceeds and refusing to return the funds has reached settlement, according to a filing in Florida federal court.

In a March 21 notice filed before Judge Anne Conway of the U.S. District Court for the Middle District of Florida, Barents Reinsurance S.A. and Truist said the parties amicably settled the case during a March 20 mediation and are in the process of preparing and finalizing a settlement agreement.

Barents was required to pay a reinsurance claim submitted by its …