Global Hawk Insurance Company Risk Retention Group (Global Hawk) was placed in liquidation on June 8, 2020, by order of the Vermont Superior Court for Washington County. The Court appointed the Commissioner of the Vermont Department of Financial Regulation as Liquidator. The Liquidator is vested with title to all the property, contracts, and rights of action of Global Hawk and he is authorized to, among other things, institute actions to collect moneys due and claims belonging to Global Hawk and to prosecute any action on behalf of its creditors, members, policyholders or shareholders against any officer of Global Hawk or any other person.
Liquidator’s RICO Lawsuit
Upon investigation of the circumstances surrounding Global Hawk’s insolvency, the Liquidator determined to bring suit against Jasbir S. Thandi, Global Hawk’s former President and Treasurer; Global Century Insurance Brokers, Inc. (GCIB), an insurance agency Mr. Thandi controlled; Jasprit S. Padda, Global Hawk’s former investment advisor; and QuantBridge Capital, LLC (“Quantbridge”), Mr. Padda’s advisory firm. On October 30, 2020, the Liquidator filed a complaint against Mr. Thandi, Mr. Padda, GCIB, and QuantBridge in the United States District Court for the District of Vermont (Civil Action No. 2:20-CV-173).