The British High Court heard closing statements Wednesday in the case of Lloyd’s vs. Jaffray, in which over 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 Lloyds following massive losses in the 1980s.
Charles Aldous, defense counsel for Lloyd’s told the court no fraud exists in the case. “By airing all these matters, putting them under the close scrutiny of this court, it may help some names, at least, to have a better understanding of how these losses occurred. To see that it was not just they who were affected; to see that there were many of those working in the market who were underwriting in the same way; to see that for every one syndicate, which bought a run-off, many more were offered but didn’t take them up. In other words, to see that there was no use for what has been described as insider information.”
The case is scheduled to finish by Friday and a verdict is expected in October or November.
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