The British High Court heard closing statements on July 12 in the case of Lloyd’s vs. Jaffray, in which more than 200 Names claimed they were defrauded by Lloyd’s. The Names are a portion of the group that refused to transfer to the Equitas reinsurance mechanism set up by Lloyd’s following massive losses in the 1980s. Charles Aldous, defense counsel for Lloyd’s, told the court no fraud exists in the case. A verdict is expected in October or November.
Topics Excess Surplus Lloyd's
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