Quinn Emanuel Urquhart & Sullivan has filed a $140 million lawsuit accusing China Construction Bank Corp., one of China’s largest commercial lenders, of acting as the “lifeline” behind Israeli fintech Vesttoo’s alleged multibillion-dollar fraud. The case, filed in Manhattan Supreme Court, alleges that the “lion’s share” of the fraudulent letters of credit came from China Construction Bank and its affiliated entities. White Rock Insurance, the plaintiff, contends that these phony letters significantly contributed to the scandal that rocked the global insurance industry.
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