Decision in Lloyd’s Lawsuit Expected

The judge’s decision in the Jaffray case against Lloyd’s is expected within the next two weeks. The suit by some 200 “Names” seeks damages for fraud related to their recruitment as investors by Lloyd’s in the 70′s and 80′s, and alleges that Lloyd’s representatives failed to disclose potentially enormous asbestos and environmental claims.

Lloyd’s has always strongly denied the accusations, and at the trial, concluded last July, expressed optimism that its position would prevail. A decision was originally expected this month, but has been pushed back by other demands on the time of Justice Cresswell, who heard the case without a jury.

Lloyd’s spokesman Adrian Beeby said, “We now expect a decision within the first two weeks of November, but there’s no specific date set.” According to Beeby English legal procedure makes a draft decision available to the attorneys for both sides, who then have 48 hours to review it for technical faults and to present any demands for changes to the judge. During this period it is strictly confidential, and remains so for another 24 hours after the final decision has been drafted; thus taking 3 or 4 days before any public announcement will be made.