Insurers to sue Worldwide Weather Trading

Several insurance companies have been granted the go-ahead by the Nassau County Court in New York to launch a lawsuit against Worldwide Weather Trading (WWT) alleging the company fraudulently sold weather derivatives policies. The plaintiffs will argue that WWT, which ceased trading in 2000, failed to honour the contracts, which are rumoured to have caused losses in the region of $65 million.

The ruling follows years of legal wrangling in which US insurers, including Diamond State Insurance and

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