NOTE:  Litigation over the law and facts regarding investment in Lloyd’s, applicable law, counterclaims and setoffs has now come to an end. The recent cases concern the validity and enforceability of judgments, arcane bankruptcy issues and fraudulent transfers. We have now deleted the commentary sections formerly included on this page; you can find them archived here.

This site consists of a database containing all known published judgments and significant court documents relating to litigation between the Society of Lloyd’s and the investors it recruited. It is provided as a free public service: the editor, “”, a qualified lawyer and legal writer, accepts no referrals from this site.

While the site was conceived and built in the interests of the investors being pursued by Lloyd’s, the documents are posted without alteration or interference of any kind whatsoever and without regard to whether or not they support one side or the other. Full citations are provided so that researchers and lawyers may easily have access to the originals.

In addition to purely procedural issues, the litigation covers three important matters: (1) private international law (conflict of laws): what jurisdiction shall hear the dispute and which country’s laws shall apply; (2) whether counterclaims or setoffs (usually framed in terms of fraud or negligence by Lloyd’s or its directors) may be asserted against claims by Lloyd’s; (3) whether securities (financial services) laws apply. Other cases included here relate to cross-border enforcement of judgments and bankruptcy matters.

The most startling conclusion from reading the collected documentation — case reports, diplomatic correspondence, lobbyists’ submissions, law review articles — is the politicization of what, a decade or two before, would have been addressed (in America at least) purely in securities regulation terms.

Canadian Judgments

Society of Lloyd’s c/ Allard, Nov. 4, 2003, Docket: Cour Supérieure, Hull 550-17-000925-030, 2003 WL 22663421, Québec 2003

Society of Lloyd’s c/ Alper, Cour supérieure, Montréal, June 9, 2004

Ash v. Corp. of Lloyd’s, 8 O.R.(3d) 282, Apr. 23, 1992 (Canadian Names Ass’n case)

Ash v. Corp. of Lloyd’s, 60 O.A.C. 241 (Ont. C.A. 1992)

Ash v. Corp. of Lloyd’s, 1991 Carswell Ont 475, 7 C.P.C. (3d) 343, 87 D.L.R. (4th) 65, (sub nom. Ash v. Lloyd’s Corp.) 6 O.R. (3d) 235

Ash v. Corp. of Lloyd’s, 1992 Carswell Ont 450, 7 C.P.C. (3d) 372, 95 D.L.R. (4th) 766, 9 O.R. (3d) 755 at 761, 60 O.A.C. 241 at 261(costs issues)

Ash v. Corp. of Lloyd’s, 1992 Carswell Ont 449, 7 C.P.C. (3d) 364, 94 D.L.R. (4th) 378, 9 O.R. (3d) 755, 60 O.A.C. 241 (rescission, fraud, forum selection issues)

Royal Bank v. Bell, 1998 Carswell N.B. 431, N.B. Ct. of Q.B., 1998 (bank seeking summary judgment for letters of credit issued as security for Lloyd’s underwriting)

Crockett v. Corp. of Lloyd’s, 2000 A.C.W.S.J. 512251, 100 A.C.W.S.(3d) 569 (P.E.I.Sup. Ct. Trial Div. 2000) (refusal of stay)
— same, from CANLII server

Royal Bank of Canada v. Darlington, Ont. Ct. of J., Gen. Div., Apr. 19, 1995, 1995 ACWSJ 77120; 54 A.C.W.S.(3d) 738

Royal Bank of Canada v. Darlington, Ont. Ct. of J., Gen. Div., Feb. 16, 1994, (1994) 112 D.L.R. (4th) 210; 1994 ACWSJ 16828; 45 A.C.W.S. 3d 890 (same case; motion for production of documents; question of professional privilege)

Drummie v. Society of Lloyd’s, 94 A.C.W.S.(3d) 472 (N.B. Ct. App. 2000) (forum non conveniens)
— same, from CANLII server

In re Drummie (Q.B.N.B., Bankruptcy, Oct. 7, 2002)
—from CANLII server

Royal Bank of Canada v. Drummie (Q.B.N.B. Bankruptcy, July 25, 2002)
—from CANLII server

In re Hefler (Bankruptcy, Nova Scotia, May 7, 1997) (allowance of Lloyd’s claim in bankrupcy without reduction for R&R settlement offer, unpaid by debtor or trustee; no asset case; 75-year-old debtor – another obviously inappropriate candidate for investment in Lloyd’s)

In re McDonough, 2001 A.C.W.S.J. 614276, 107 A.C.W.S.(3de) 363 (Ont. Super. Ct. Bankr. 2001) (debtor required to answer questions regarding his financial dealings occurring more than 5 years prior to bankruptcy)

Society of Lloyd’s v. McNeill, P.E.I. Trial Div. in chambers, 2003 Carswell P.E.I. 121, 2003 PESCTD 88, 233 Nfld. & P.E.I.R. 37, 693 A.P.R. 37, Nov. 7, 2003
— same, 2003 Carswell P.E.I. 103, 2003 PESCTD 76, 230 Nfld. & P.E.I.R. 54, 682 A.P.R. 54, PEI SC (in chambers), Sept. 24, 2003

Society of Lloyd’s v. Meinzer (Ct. App. Ont., Aug 29, 2001) (reciprocal enforcement of judgments; denial of natural justice)
— same, from CANLII server
— same case, ruling on costs, from CANLII server

Society of Lloyd’s c/ Minkoff, Greffe de Montréal, 25 juin 2004, Aff. no. 500-09-014284-046 (enforcement of English judgment, opinion in French)
— same, Cour supérieure du Québec, Feb. 5, 2004 (in English), 2004 Carswell Que. 324
— another copy, Feb. 5, 2004
— same, Cour supérieure du Québec, Nov. 26, 2003 (in French), 2003 Carswell Que. 3157
— another copy, Nov. 27, 2003

Bank of Montreal v. Mitchell, 143 D.L.R. (4th) 697 (Ont. Ct. Gen. Div., Feb. 19, 1997) (Bank of Montreal paid letters of credit in favor of Lloyd’s following suit in English court; banks granted judgment against Canadian Lloyd’s investors for reimbursement)
same, Acrobat PDF format

Morrison v. Society of Lloyd’s, 1999 ACWSJ LEXIS 11080; 1999 ACWSJ 18279; 85 A.C.W.S. 3d 43; [2000] I.L.Pr. 92 (N.B. Q.B. Jan. 11, 1999) (forum non conveniens)

Society of Lloyd’s v. Philip, Ct. App. Ontario, Apr. 11, 2003 (denial of adjournment to prepare evidence)
—from CANLII server
— same, 2002 Carswell On.t 5090; Ontario Superior Court of Justice; October 1, 2002

In re Regan, 2001 A.C.W.S.J. 612023, 105 A.C.W.S.(3d) 14 (N.B. Q.B. Bankr., Apr. 24, 2001) (Lloyd’s motion to deny debtor’s discharge denied despite transfer of marital home)

In re Regan, 2002 A.C.W.S.J. 690723, 109 A.C.W.S.(3d) 685 (N.B.Q.B. Trial Div., Nov. 13, 2001) (Lloyd’s entitled to all documents held by debtor’s accountants)
— same, from CANLII server, 2001 NBQB 2002

Rozsa v. A.C.W.S.(3d) 1046, 2001 Carswell Ont. 1438 (refusal of stay; forum non conveniens)

Society of Lloyd’s v. Saunders, Ont. Super. Ct. of Justice, Feb. 9, 2000 (enforcement of English judgment)

Society of Lloyd’s v. Saunders, 55 O.R.(3d) 688, 210 D.L.R.(4th) 519 (Ct. App. Ont. 2001), affirmed on appeal, Ont. Ct. App., Aug. 21, 2001
same, Acrobat PDF format
CLI summary of case

Society of Lloyd’s v. Smith, 2004 Carswell Ont. 3423 (Ontario Master, Aug. 2004) (question of interim injunction relating to policies issues by defendant purporting to bind Lloyd’s)

Society of Lloyd’s v. Van Snick, 95 A.C.W.S.(3d) 846 (N.S. Sup. Ct. 2000) (reciprocal enforcement of judgments)
— same, from CANLII server
CLI summary of case

Society of Lloyd’s v. Van Snick, 98 A.C.W.S.(3d) 77 (N.S. Ct. App. 2000) (same case in Court of Appeal)

Bank of Nova Scotia v. VanSnick, Nova Scotia Court of Appeal, May 19, 1998, C.A.143488 (letter of credit issues)

SEC issues

Letter to Congressman Pease, Aug. 5, 1991

SEC brief amicus curiae in Richards case

Bearcave archived articles:
WSJ, Mar. 28, 1996
WSJ, May 8, 1996
WSJ, Aug. 13, 1996
WSJ, Aug. 28, 1996

NOTE: Researchers and lawyers addressing SEC matters may wish to check the SEC computer files in Washington and examine Lloyd’s managing agents Regulation D submissions beginning around 1987: they were trivially, carelessly, erroneously and fraudulently completed and submitted, but no court has been asked to address the issue, and the SEC itself (evidently for political reasons) has declined to do so on its own initiative. We believe that the submissions were an afterthought by LeBoeuf Lamb to try to avoid (as in the end they successfully did) securities fraud claims.

Equitas issues

Table of Equitas court cases in the USA with links to available opinions

We are thrilled that Equitas visits our site — repeatedly and, indeed, watches us watching them! — And see, similarly, the visit of Aug. 22 of the FSA. (We do not record visits unless we happen to see a visit by Lloyd’s or a governmental department, but Statcounter maintains a rolling record of the last 100 page downloads from our site, which then scroll off. Since we rarely hear from visitors, this is our only way of knowing which pages are popular and useful and of spotting possible broken links. There are many silent lurkers: we have found, for example, that every time a page of ours is linked by Namesline.com or exlloydsnames.com we get as many as three dozen hits to that page from the link in the next 24 hours.)

Evening Standard article on Equitas results (June 8, 2004)
— archived copy

— A Washington DC law firm’s analysis of the Equitas report
same, from firm’s server, in PDF format (may be a later version than our archived copy)

Lawyer Kevin Coluccio’s ASBESTOS LAW BLOG (occasional comments on Equitas)

An (apparently experimental) MESOTHELIOMA legal assets page

Dispute Resolution Management, Inc.: “Insolvent Carriers”
— archived copy

Hampden Private Capital handout: “Equitas reinsured Names”

See Browning Ferris, Malone and Union Pacific cases, at right (yellow list)
Equitas is also mentioned in the Ashenden, McMurray estate and Turner (U.S. federal) cases. From our standpoint, the key issue is the courts’ affirmation of Lloyd’s contractual right to impose Equitas (or any other reinsurance) premiums upon unwilling, dissenting and resigned Lloyd’s investors and to sue for that premium. Only those Names whose future liability to Lloyd’s was canceled by bankruptcy or death (in most US jurisdictions and many foreign ones, estates and heirs cease to be liable for debts of a decedent not claimed in the probate after 6-12 months (but see the McMurray Estate case (actually a situation where a poorly-drafted trust defeated the Name’s intent of protecting his heirs from Lloyd’s) and the Blackwell case, which included estates and heirs (presumably on the basis of transferee liability or possibly fraudulent transfers, in either case under California law).

“[U]ncertainty over long-term reserve development at Equitas remains a negative rating factor [for Lloyd’s].” Guy Carpenter, “The Lloyd’s Market in 2003”, p. 6 (archived)
(Also: Guy Carpenter 2004 report on Lloyd’s)

EQUITAS reinsurance and run-off contract, dated 3 Sept. 1996 (iv + 133 pp.)
Contract,scanned & captured (RTF, 320 kb) pp. i-33 & 55-133 - Syndicate schedule (PDF, 6.6 mb)

John M. Sylvester & Stephen M. Goldman, PLI: Suing Equitas On A Lloyd’s Policy: Lifting The London Fog (1999)

Insurance Journal, June 13, 2003: Equitas reports fiscal year results

Halliburton press release, Jan. 28, 2004 on settlement with Equitas over asbestos liability

Society of Lloyd’s v. Levy & Johnson, [2004] EWHC 1860 (Comm.), [2004] All E.R. (D) 566 Jul. (Equitas premium and European law issues)

The Times, June 9, 2004: US asbestos settlement may fail, dooming Equitas expectations

Financial Times, Nov. 9, 2004: Will Equitas come back to haunt the big companies?

Independent on Sunday, Jan. 23, 2005: Equitas fears bankruptcy over $140 billion US asbestosis settlement

The Times, Mar. 29, 2005: “Equitas in £222m pact on Babcock asbestos liability”

Euromoney Institutional Investor, Mar. 30, 2005: “Names question asbestos liability estimate”

National Underwriter, Apr. 19, 2005: “Equitas: Asbestos Bill’s A Bum Deal For Us”

Evening Standard, Apr. 22, 2005: “Lloyd’s to battle US asbestos blow”

Asset Protection issues

(a collection of useful references - not legal advice)

IRS Memo 200036045: tax lien attaches to income interest in spendthrift trust

Jay Adkisson’s fradulent transfer and asset protection sites (include cases and materials, and warnings against charlatans and fraudsters)

Our Bankruptcy and Fraudulent Conveyance page – cases and materials

Morganrogh & Morganroth v. Norris, McLaughlin & Marcus, P.C., 331 F.3d 406 (3d Cir. (N.J.) 2002) (Delorean case; statute of limitations runs only from date of judgment: CA & NJ rule)

SASCO 1997 NI, LLC v. Zudkewich, 767 A.2d 469 (N.J. 2001) (New Jersey)

Cortez v. Vogt, 52 Cal.App.4th 917 (4th Dist. 1997) (California SOL)

Mejia v. Reed, 97 Cal. App. 4th 277 (6th Dist. 2002) (California SOL)

Levy v. Markal Sales Corp., 724 N.E.2d 1008 (Ill. 2000) (Illinois)

Society of Lloyd’s v. Estate of McMurray, 274 F.3d 1133 (7th Cir. (Ill.) 2001) (Illinois)

Offshore Trusts: How the Landmark Cases Have Affected Drafting Issues and Selection of Jurisdiction, 14th Ann. Symposia, Real Property, Probate & Trust Law, ABA, Apr. 3, 2003

Selected English cases on foreign assets and trusts (discussed in the literature, much of which can be found online; they are included here to show the complexity of establishing, and even more so when trying to unwind, a trust, especially one with a foreign connection):
— R. v. Dimsey, [2000] Q.B. 744 (“shadow director” of offshore company held liable for tax)
— Lord Chetwode v. Inland Revenue Comm’rs, [1976] 1 ALL ER 641, [1976] 1 WLR 310 (transfer or assets abroad for tax avoidance)
— Gibbon v. Mitchell, [1990] 1 W.L.R. 1304 (deed of trust set aside for mistake)
— In re Tucker, [2000] B.P.I.R. 876 (Jersey) (promoter of “Rossminster Group” tax avoidance scheme made bankrupt in England; Jersey assets seized by English receiver)
— Green v. Cobham, [2002] S.T.C. 820 (CGT, nonresident trust; retirement of trustee from practice as solicitor, rendering trust subject to UK capital gains tax; reformation allowed)
— Abacus Trust Company (Isle of Man) Ltd and another v National Society for the Prevention of Cruelty to Children, [2001] STC 1344 (trustees must have regard to fiscal consequences of their decisions)
— Amp (UK) Ltd plc v Barker and others, [2001] W.T.L.R. 1237 (mistaken amendment of pension plan)

United States v. Estate Preservation Servcies, 202 F.3d 1093 (9th Cir. 2000) (injunction against sale of asset protection trusts for (US) tax evasion purposes)

Marc M. Harris et Cie. v. Marchant, USDC, SD Fla, 1999: offshore fraud, libel case

Re the petition of John William McLean, (1998/98) 1 O.F.L.R. 818 (tax bankruptcy of William Basil McCoy: Manx court honored Northern Irish court order)

DOMICILE ISSUES:
— Forbes v. Forbes, (1854) Kay 341, 69 E.R. 145
— Udy v. Udny, (1869) LR 1 Sc. & Div. 441 (H.L.)
— Adams v. Smith (In re Estate of Jones), 192 Iowa 78, 182 N.W. 227 (1921)
NATIONALITY:
F.T. Piggott, The Ligeance of the King (1915)
Clive Parry, British Nationality Law and the History of Naturalisation (1954)

Theophile v. Solicitor General, [1950] A.C. 186 (absconded businessman has not “ceased trading” in England for purposes of jurisdictional provisions of bankruptcy law until all debts have been paid)

In re Tucker (a bankrupt), [1990] Ch. 148 (extraterritorial bankruptcy jurisdiction)

M. Paulsen & M. Sovern, “‘Public Policy’ in the Conflict of Laws”, 56 Colum. L. Rev. 969 (1956)

Orams v. Apostolides, [2006] EWHC 2226 (QB), [2006] All ER (D) 20 (Sep) (inapplicability of European law in Turkish Republic of Northern Cyprus, pending reunification of the Island. The case has been referred to the European Court of Justice for a ruling on points of European law.)

Law Review Articles

for academic and scholarly research purposes only
(Not one article could be found that supports the US courts’ decisions favoring Lloyd’s – underlining the political nature of these cases)

Kristine Padden, “Casenote: Choice of Forum, Choice of Law, and Arbitration Clauses Override U.S. Security Rights: Riley v. Kingsley Underwriting Agencies, Inc., 6 Transnat’l Law. 431 (1993)

Jennifer M. Eck, NOTES: Turning Back the Clock: A Judicial Return to Caveat Emptor for U.S. Investors in Foreign Markets, 19 N.C.J. Int’l L. & Com. Reg 313 (1994) (RTF)

Ian Kelley, “Note: Regulatory Crisis at Lloyid’s of London: Reform From Within”, 18 Fordham Int’l L.J. 1924 (1995)
— another copy

John Goldring, Consumer Protection, the Nation-State, Law, Globalization, and Democracy, 2 J. Computer-Mediated Communication (Sept. 1996)

Darrell Hall, “No Way Out: An Argument Against Permitting Parties to Opt Out of U.S. Securities Laws in International Transactions”, 97 Colum L. Rev. 57 (1997)

David A. Fitzgerald, Allen v. Lloyd’s of London: A Comment on Forum Selection, 30 Conn. L. Rev. 257 (1997) (RTF)

“Current Decisions”, 64 Defense Counsel J. 623 (1997)

Comment: Richards v. Lloyd’s of London: The Ninth Circuit Denies Access to the Securities Laws to American Investors, 24 Bklyn. J. Int’l L. 625

Jon A Jacobson, “Other International Issues: Your Place or Mine: The Enforceability of Law/Forum Clauses in International Securities Contracts”, 8 Duke J. Comp. & Int’l L. 469 (1998) (RTF)
— same, Duke Univ. server

Richard Garnett, Stay of Proceedings in Australia: A ‘Clearly Inappropriate’ Test?, 23 Melb. U. L. Rev. 30 (1999) (RTF)

Melissa Coulombe Beauchesne, NOTES AND COMMENTS: “Lloyd’s of London and Diversity Jurisdiction: Analyzing the Citizenship of a Unique Organization”, 5 Roger Williams U. L. Rev. 217 (1999) (RTF)

Philip J. McConnaughay, “Reviving the ‘Public Law Taboo’ in International Conflict of Laws”, 35 Stan, J. Int’l Law 255 (1999)

Howard M. Tollin & Mark Deckman, “Lloyd’s of London and the Problem with Federal Diversity Jurisdiction”, 9 J. Transnat’l L. & Policy 289 (2000)

Courtland H. Peterson, “Choice of Law and Forum Clauses and the Recognition of Foreign Country JudgmentsRevisited Through the Lloyd’s of London Cases”, (2000)

Sir Lawrence Collins, “Choice of Law and Choice of Jurisdiction in International J. Int’l & Comp. L. 618 (2001) (RTF) (Sir Lawrence is judge of the Commercial Court in London and editor of Dicey, Morris & Collins on the Conflict of Laws)

John B. Haarlow & Hugh C. Griffin, Equitas Under English Law, 38 Tort Trial & Ins. Prac. L.J. 1 (2002) (RTF)

Erin Ann O’Hara, “The Jurisprudence And Politics Of Forum-Selection Clauses”, 3 Chi. J. Int’l L. 301 (2002) (RTF)

Xiang Gao & Ross P. Buckley, “A Comparative Analysis of the Standard of Fraud Required Under the Fraud Rule in Letter of Credit Law”, (2003) Oxford U Comparative L Forum 3

Selected Lloyd’s insurance & other relevant cases

Jacobson v. Frachon, 138 Law Times Rep. 386 (Ct. App. Nov. 23, 1927) (even fraud, if it could have been addressed by a foreign court, will not prevent enforcement in England of a foreign judgment)

Re: A Firm of Solicitors (Practice Direction), [1992] 2 Q.B. 959. [1992] 2 W.L.R. 809, [1992] 1 All E.R. 353 (C.A., 24 May 1991) (conflict of interest, duty of confidentiality, Howden, Sphere Drake, Lloyd’s syndicates) Compare proposal for “Chinese wall” with US conflict of interest rules.

Allendale Mutual Life Ins. Co. v. Excess Ins. Co. Ltd.,1 970 F.Supp. 265 (Jul. 8, 1997) - 992 F.Supp. 271 (Aug. 19, 1997) - 992 F.Supp. 278 (Feb. 3, 1998) (finding defendants breached forum selection clause by bringing suit in England; but plaintiffs breached duty of utmost good faith by failing to reveal results of survey report; refusal by court to reconfigure case to allow federal diversity jurisdiction)

Agnew v. LANSFORASKRINGSBOLAGENS A.B., House of Lords, [2000] UKHL 7, [2000] 1 All ER 737 (17 Feb. 2000) (EU Insurance Directive inapplicable to reinsurance)
— same, from BAILII server (HTML)

Aneco Reinsurance Underwriting Limited v Johnson & Higgins Limited, H.L., Oct. 18, 2001, [2001] UKHL 51 (HTML, Stationery Office server)

ANECO Reinsurance Underwriting Ltd (in liquidation) v. Johnson & Higgins Ltd, [1998] 1 Lloyd’s Rep. 565 (Ct. App. 1997)

ANECO v. Johnson & Higgins, Ct. App. 30 July 1999, same case [1999] EWCA Civ 2035
— same, from BAILII server

Baker (Syndicate 126 at Lloyd’s in 1982) v. Lombard Continental, Ct. App. 24 Jan. 1997
— Lawtel summary

Boghos v. Certain U/W at Lloyd’s of London, 109 Cal.App.4th 1728 (6th App. Dist 2003) (disability policy; non-enforcement of arbitration provision in policy)
— COMMENT: Trial Lawyers for Public Justice

Carvill v. Inland Revenue Commissioners, [2000] STC (SCD) 143 (taxation matter, treaty excess of loss reinsurance)

Chagos Islanders v. Attorney General & British Indian Ocean Territory Comm’r, [2001] Q.B. 1067, [2003] EWHC 2222 (QB) (9 Oct. 2003) (Discusses problem of attributing dishonesty of individuals to a corporate body, citing Jaffray v. Society of Lloyd’s, [2002] EWCA Civ 1101.)
— same, from court server

Transit Cas. Co. (in receivership) v. Certain U/W at Lloyd’s of London, Cole Co., Mo., Case CV595-2CC, Magistrate Judge’s report and recommendations (1998)

Curiale v. DR Insurance Company (S.Ct. N.Y. County 1992) (reinsurance issues)

D P Mann & Ors v. Coutts & Co (Q.B.D., Comm’l Ct., 16 Sept. 2003 Telegraph Law Rep. 25 Sept. 2003 (“claimants’ failure properly to investigate whether HMU was operating a client account was unreasonable and broke the chain of causation”)
— Full text , 65 pp. scanned & captured from Court’s draft (RTF)

DeLeon v. Lloyds London, 259 F.3d 344 (5th Cir. 2001) (life insurance case; worker’s compensation; well-known tax scheme whereby employers take out life policies on low-paid staff from which staff do not benefit)

Dresser Ind., Inc. v. Underwriters at Lloyd’s, 106 S.W.3d 767 (C.A. 6th, Tex. 2003) (RTF) (asbestos, question of exhaustion of coverage and status of underlying claims)

E.R. Squibb & Sons, Inc. v. Lloyd’s & Companies, 241 F.3d 154 (2d Cir. 2001)
E. R Squibb & Sons, Inc. v. Accident & Casualty Ins. Co., 160 F.3d 925 (2d Cir. 1998)
(RTF) (DES liability cases; issue of Lloyd’s syndicates as “entities” with legal personality; alienage jurisdiction of US District Court satisfied by representatiave defendant, lead underwriter of Lloyd’s syndicate)
— 160 F.3d 925, from Touro server

F v. F (Duxbury Calculation: Rate of Return), [1996] 1 F.L.R. 833, [1996] Fam. Law 467 (divorce, property separation considering unquantifed liability for Lloyd’s losses)

Feasey v. Sun Life Ass. Co., [2003] EWCA Civ 885, [2003] 2 All ER (Comm) 587 (Ct. App. 26 June 2003) (insurable interest found in matter of protection and indemnity club)
— Lawtel summary
— Another version, Court of Appeal, Feasey v Sun Life Assurance Company of Canada, [2003] 2 All ER (Comm) 587 (C.A.)
— Court below, Feasey v Sun Life Assurance Company of Canada, [2002] All ER (D) 280 (May) (Q.B.D. Comm’l Court)

In re Insurance Antitrust Litigation, 938 F.2d 919 (9th Cir. 1991) (RTF) (brokers boycotting general liability insurers which used nonconforming forms)

J. Barber & Sons v. Lloyd’s Underwriters, [1987] Q.B. 104 (letters rogatory on behalf of plaintiffs in a California case)

Society of Lloyd’s v. Kitsons Environmental Services Ltd., 41 Con.L. Rep. 20, 67 Build. L. Rep. 102 (Q.B.D. Off. Referee 27 May 1994) (RTF) Lloyd’s sues asbestos removal contractor over work at 51 Lime Street)

Inland Revenue Comm’rs v. Laurence Philipps & Co. (Insurance) Ltd., [1947] All E.R. 144, 177 LP.T. 607, 80 Lloyd’s L. Rep. 549, 26 A.T.C. 161, 49 R.&I.T. 389 (K.B.D. 1947) (excess profits tax and Llolyd’s investor issues)

Lindner Fund, Inc. v. Polly Peck Int’l Plc, 811 F.Supp. 133 (S.D.N.Y. 1992) (forum non conveniens judgment in securities fraud claim)

London Market Insurers v. Superior Court 146 Cal.App.4th 648, 53 Cal.Rptr.3d 154 (Cal.App. 2 Dist., 2007). (Kaiser Cement & Gypsum case, issue is whether each asbestos injury constitutes a separate “incident” for policy coverage)

Society of Lloyd’s v. Lost in Space S.A., WIPO arbitral decision D2002-0550, Aug. 2, 2002 (domain name “lloydslondon.com” offered to Lloyd’s for $2,500 in default of which used to advertise and sell pornography)

Luce v. Lloyd’s of London, 868 F.Supp. 625 (D.Vt. 1994) (removal to federal court refused; out of time)

McAleer v. Underwriters at Lloyd’s, 1996 Mass. Super. LEXIS 350 (Norfolk, 1996) (Lloyd’s policy; venue selection clause enforced; case dismissed)

Society of Lloyd’s v. Padway Holdings Ltd., Ct. App. Civ. Div. 27 Apr. 1988 (Lloyd’s claim under broker’s guarantee)

Re Pan Atlantic Insurance Co Ltd, Ch.D. 22 July 2003, [2003] EWHC 1696 Ch. (PDF), WestlawUK/Electronic Telegraph 2 Oct. 2003 Best exit route for creditors of insurance company was scheme of arrangement rather than compulsory winding up; held consistent with ECHR Art. 6 and Human Rights Act 1998)
— Lawtel summary

Point O’woods Assn. v. Those U/W at Lloyd’s, Sup. Ct., N.Y. Law J., Mar. 4, 1999 (Lloyd’s excess policy; question of NY law on “material misrepresentation”)

Reider v. Arthur Andersen, LLP, 47 Conn. Supp. 202, 784 A.2d 464 (Super. Ct. 2001) (potential liability of auditors for insolvency of insurance company)

Saunders v. Lloyd’s of London, 113 Wn.2d 330, 779 P.2d 249 (1989) (sufficiency of evidence)

Scheiner v. Wallace (Lloyd’s U/W), 832 F.Supp. 687 (S.D.N.Y. 1993) (RTF) (apparent insurance fraud; forum selection issues)

Hong Kong and Shanghai Banking Corp. v. Simon (In re Simon), 153 F.3d 991 (9th Cir. 1998) (foreign creditor with foreign-based claim sanctioned for violation of US bankruptcy discharge; within the limits of the holding in the case (the creditor bank had filed a proof of claim in the bankruptcy) this principle would impede or prevent Lloyd’s from proceeding anywhere against a Lloyd’s investor who had been discharged in a US bankruptcy. The holding of the 9th Circuit is consistent with the English common law, whereby a discharge bars action to collect a debt if (a) the dischaerge is granted in the jurisdiction whose law is also the “proper law ” of the debt or claim, or (b) the creditor appeared, or filed a proof of debt (claim) in the bankruptcy proceeding.) See the Brady case, below.

Syndicate 1242 at Lloyd’s v. Morgan Reed & Sharman Ltd., [2001] EWHC 499 (Comm) (RFT)
— from BAILII server

T&N Ltd. (in administration) v. Royal and Sun Alliance, [2003] EWHC 1016 (Ch.) (Federal Mogul Group asbestos issues involving Lloyd’s reisnsurance) (HTML from BAILII server)

Taher v. Towey (Ct. App. Civ. Div. 18 Mar. 1999) (question of transfer of acdtion from QBD to Ch.D. underlying issue is receivership of defendant’s property under Lloyd’s brokers security and trust deed; Mareva injunction)

Lloyd’s Syndicate 609 v. United States of America, 780 F.Supp. 998 (ASCII) (S.D.N.Y. 1991) (sovereign immunity for loss of aircraft in military action)

Lloyds’ London v. The Narrows, L & L Enterprises (1/29/93), 846 P 2d 118 (Alaska 1993) (Alaska restaurant – denial of coverage case; reversal and remand of judgment for insured)

Booker ex rel. Certain U/W at Lloyd’s v. Pettey, 770 So.2d 39 (Miss. 2000) (RTF) (question of fact relating to cancelation of cover)
— another copy

Lloyd’s Syndicate 609 v. United States, 780 F.Supp. 998 (S.D.N.Y. 1991) (RTF) (sovereign immunity)

Barclays Plc v. Villers, [2000] EWHC Comm. 197 (25 Jan. 2000) (RTF) (Barclays de Zoete Wedd claims involving Equitas and the Lloyd’s settlement)
from BAILII server

Healy v. Corp. of Lloyd’s, [2004] EWCA Civ 262 (Lloyd’s admitted failing to supply its employee health insurance to which she was entitled; issue of quantum of damages)

Rokeby-Johnson v. Kentucky Agric. Energy Corp., 108 A.D.2d 336, 489 N.Y.S.2d 69 (1st Dept. 1985) (ASCII) (action by Lloyd’s syndicates for rescission of policy; stay of NY action pending outcome of Calif. suit)

Tonicstar Limited v. American Home Ins. Co., 2004 EWHC 1234 (Comm.) (anti-suit injunction against New York litigation)

Owusu v. Jackson, ECJ judgment: Case C-281/02, Mar. 1, 2005; Ct. App. referral: 2002 EWCA(Civ) 877, [2003] PIQR 186 (C.A., June 19, 2002) (referral of the issue to the Luxembourg court) (forum non conveniens principle ineffective when jurisdiction is grounded in Brussels Convention (regulation) rules under circumstances where no other member state is involved; cf. In re Harrods (Buenos Aires) Ltd., [1992] Ch. 72 (C.A.).)

On judicial bias: Locabail (U.K.) Ltd. v. Bayfield Properties Ltd., [2000] Q.B. 451

On testimony by video-link: Polanski v. Condé Nast Publications Ltd., [2005] 1 W.L.R. 637

Small-business professional company, spousal dividend-income tax case: Jones v. Garnett (Arctic Systems) [2005] EWCA Civ 1553

Gray v. Derderian, 2005 WL 3338373 (U.S.D.C. D.R.I.) (Rhode Island nightclub fire, Feb. 20, 2003; Lloyd’s “does not conduct any insurance business”; Lloyd’s policies had covered the premises at various times prior to 2003. Held: Lloyd’s “owes no duty to Plaintiffs”, cannot be liable for failure to inspect premises for fire safety)

A.W. Chesterton Company v. Massachusetts Insurers Insolvency Fund, 445 Mass. 502 (2005) (Asbestos - state insurance indemnity fund case)

Reports and Documents

European Parliament Draft Report on Lloyd’s and UK compliance with Third Insurance Directive
— another copy

European Parliament Committee on Petitions: Comm’r Bolkestein on action against UK authorities, Jan. 22, 2002
— archived copy

SEC letter of June 14, 1991 acknowledging preliminary investigation into status of Lloyd’s investements under American securities laws

U.S. Tax Cases

Clifton-Bligh v. Comm’r, T.C. Memo. 2003-44 (insufficiency of proof of Lloyd’s and other losses claimed)

Snell v. Comm’r, T.C. Memo. 1979-141 (disallowance of deduction for fees and expenses of joining Lloyd’s similarly: Harman v. Comm’r, 72 T.C. 362 (RTF) (NYSE seat))

More v. Comm’r, 115 T.C. 125 (2000) (portfolio capital gains cannot be offset by Lloyd’s underwriting passive activity losses)

Australian & New Zealand Judgments

Commonwealth Bank v. White, ex p. Lloyd’s, [1999] V.S.C. 27 (26 Feb. 1999) (refusal to enforce forum selection clause)
— same, from AUSTLII server
(see also anti- suit injunction cases, English QBD, grey section, above right)

Commonwealth Bank v. White, ex p.Lloyd’s, (No.2) [1999] VSC 262 (8, 9, 10, 16 June 1999)

Commonwealth Bank v. White, ex p.Lloyd’s, (No.2) [1999] VSC 400 (22 Oct. 1999)
— same, from AUSTLII server

Commonwealth Bank v. White, ex p. Lloyd’s, [1999] V.R. 681

Commonwealth Bank v. White, ex p. Lloyd’s, M101/1999 transcript (11 Feb. 2000)
— same, from AUSTLII server

Commonwealth Bank of Australia v White & Anor (No 3), [2000] VSC 259 (20 June 2000) (RTF)
— same, from AUSTLII server (HTML)

Commonwealth Bank of Australia v White (No 4), [2001] VSC 511 (21 December 2001)
— same, from AUSTLII server

Commonwealth Bank of Australia v White & Anor (No 6) [2003] VSC 90 (11 April 2003)
— same, from AUSTLII server

Commonwealth Bank of Australia v White & Anor (No 5), [2002] VSC 566 (RTF) (13 December 2002)
— same, from AUSTLII server (HTML).\

Society of Lloyd’s v. Hyslop, [1993] 3 N.Z.L.R. 135 (Ct. App. Wellington 1993) (suit by Lloyd’s investor seeking cancellation of agreements with Lloyd’s her members’ agent and Barclays Bank dismissed)

Dick (Trustee in bankruptcy) v. McIntosh, [2001] F.C.A. 1008 (Federal Ct. Austr., Queesland 2001) (English sequestation order; Australian real property; order of co-operation granted)
— same, from AUSTLII server

Federal Court of Australia, New South Wales Registry, 3 (P)NSD1307/2004 Society of Lloyd’s v Marich, Oct. 11, 2004 (no judgment published, or yet published)

Re Mills (Debtor); Ex parte Lloyd’s v. Prentice, BC 9701153 (Fed. Ct. Australia, Gen. Div., Bankr. Dist. 1997) (unreported) (composition set aside; assets sequestered on application by Lloyd’s)
— same, from AUSTLII server
— same, archived AUSTLII Web page image (PDF)

Williams v. Society of Lloyd’s, [1994] 1 V.R. 274 (Sup. Ct. Victoria, 1992) (forum non conveniens; Lloyd’s investor’s action against English defendants stayed)
— Comment: John Goldring, “Consumer Protection … Globalization” (1996)

EUROPEAN ISSUES

— European Parliament Committee of Enquiry vote, 9/25/2003: see EP press release :
Parliament adopted a resolution on the Lloyd’s of London petitions 358-0, with 35 abstentions.
— See Guardian article, Sept. 26, 2003, “MEPs drag Lloyd’s inquiry into open”
but the European Commission planned to drop its investigation into UK regulation of Lloyd’s, according to a Sept. 25 report by Reuters, which also reported Sept. 26 on Parliament’s demand to the contrary. See also the European Voice articles and letters, towards the bottom of the green articles & links section below.
— The Scotsman, Oct. 15, 2003: Press Association: “EU Ruling Dashes Hopes for Lloyd’s Names”
— Press release of European Commission about ending the inquiry
— UK Parliament, Select Committee on Constitution Written Evidence , Memorandum by Names’ Action for Compensation and Defence in Europe

  •  See Poole v. HM Treasury case, at right

Lloyd’s Acts & Bye-laws, full text

(including Lloyd’s Act 1871 and amendments)

• (HTML) (large file, 777 pages)

• same, RTF file
 

Links and downloads,
selected Lloyd’s-related Internet resources

regularly updated, but in random order

LLOYD’S ISSUES FORUM — Onelimestreet.com & namesline.com The Wall Street Journal, 26 Sept. 2001: A.M. Best and Standard & Poors downgrade Lloyd’s to “A-”; any further downgrade will lead many brokers to stop doing business with Lloyd’s
— archived copy

“LLOYD’S INFORMATION SERVICE” (Patrick Moore’s site) WSJ Sept. 27, 2001: Lloyd’s of London Faces Record Loss: Attack Payouts May Total $1.91 Billion
— archived copy

High Premium Group (“formed in 1994 to represent the interests of ongoing Names in Lloyd’s of London”}
HPG links to Lloyd’s-related Web sites (not updated, many links broken) WSJ July 12, 2002: These Days, ‘Names’ at Lloyd’s Find Investing Can be Costly, Contentious
— archived copy

Australian Financial Review: article on the European Commission’s complaint Insurance Advocate, July 28, 2003, p. 38: “A.M. Best announces revised debt rating methodology to provide summarizing data

David K. Mainwaring – draft speech for Sept. 12, 2002 Lloyd’s EGM in London (not delivered as written) The Age (Melbourne): on Australian Lloyd’s investors post-World Trade Center (Aug. 4, 2002)
Another aritcle, on the impact on Names’ of the WTC losses (July 19, 2002)

A scam that used Lloyd’s of London’s name in vain… R. David Bowman’s Ponzi scheme , Sacramento Business Journal, Jan. 13, 2003 The Times (London), 26 Sept. 2001: Lloyd’s estimates _?1...21.2bn losses from 9/11 attacks ,

UK Financial Services Authority: “Lloyd’s Sourcebook: Feedback on CP48 & CP66”, March 2001
FSA, Society of Lloyd’s Supervision Arrangements for Underwriting Agents, Enforcement Co-operation Arrangements (49 pp.)
— FSA, Dispute Resolution: Complaints – Lloyd’s The Times (London) Sept. 18, 2003: Head of Lloyd’s Warns of High Costs
— archived version

Report: organized crime scam at Lloyd’s The Times (London) Sept. 29, 2001: Lloyd’s Demands Higher Levy From Its Syndicates

British & Irish Legal Information Institute (free case reports) FT: July 15, 2002: Lloyd’s Plan Reflects Shift From Names

Rep. Henry Hyde: “U.S. investors in Lloyd’s of London deserve their day in United States court” (Cong. Rec. Aug. 4, 1997) Forbes, July 12, 2002: Lloyd’s Faces the Void
— another copy (ASCII)

Business Insurance, Jan. 22, 1996: Lloyd’s of London launches stricter regulations requiring executivs to pass as “fit and proper” indibiduals FSA Handbook: Dispute Resolution - Lloyd’s

American Academy of Actuaries Contingencies, “Name Game: Trouble in the House of Lloyd’s”, May-June 2001
— archived copy New York Times, Nov. 3, 2002, “Indiana Court Bars Lawyer For Criticizing An Opinion” (conflict of interest on part of Indiana Supreme Court justice did not stop him from ruling in case)
— archived copy
— TEXT OF OPINIONS, In re Wilkins, 777 N.E.2d 714 (Ind. 2002) , 782 N.E.2d 985 (Ind. 2003) & 780 N.E.2d 842 (Ind. 2003) (HTML)

Daily Telegraph: “Asbestos claims dust will take years to settle”, 13 Sept. 2003 (history of the asbestos problem, and its implication for reinsurers) — archived copy More on Lady Rona Delves Broughton : Sunday Times, July 15, 2002: “Terror attack costs first lady of Lloyd’s £2 million”
— another copy (ASCII)

UK FSA, “Response paper on Consultation Paper 16: The Future of Regulation at Lloyd’s”, June 1999 The Times (London), Sept. 19, 2003: Insurer fears cash call backlash (Investors are increasingly aggravated by demands for cash from the general insurance industry)
— archived copy

UK FSA, “The Lloyd’s Sourcebook, Feeback on CP48 & CP66”

TIME Europe Cover Story, by David McClintick, Feb. 28, 2000: “The Decline and Fall of Lloyd’s of London”

TIME document file: selected Lloyd’s documents

TIME Europe - “For Whom the Bell Tolls”, Nov. 13, 2000

Australian Insurance Laws Amendment Bill 1997 – comment & explanation

Stanford Law School – Securities Class Action Clearinghouse web site

Greenpeace article on Lloyd’s
another copy

Financial Services Authority: Regulation of Lloyd’s Underwriting Agents
FSA Consultation Paper No. 16: The Future Regulation of Lloyd’s, Nov. 1998

Article: Elborne Mitchell, “A more corporate culture at Lloyd’s”

Electronic Frontier Foundation, List of Church of Scientology cases as of 1997 (like Lloyd’s, a persistent litigator)

“Insurance Solutions” newsletter file, Nov. 1997 – 2001

US National Association of Insurance Commissioners site

American Names Assn. Badgers Lloyd’s Over Effort To Reduce Trust Fund Level, Insurance Advocate; 4/28/2003, Vol. 114 Issue 16, p6, 2p

Lloyd’s of London 1998 Congressional lobbying reports
— alternate site

The Economist, June 29, 2000: “That sinking feeling - Does Lloyd’s of London have a future in its new incarnation as an exchange for insurance companies?”

Louisiana State press releases on Lloyd’s

Insurance Journal: California: allegations about Quackenbush, former Insurance Commissioner who helped Lloyd’s

Lloyd’s consultation paper (franchisor-franchisee)

Canadian Supreme Court, Canadian statutes and other selected Canadian legal materials

Lloyd’s names’ estate application form

Findlaw article: Letter of credit litigation, by Hoguet, Newman & Regal 
— archived copy

Report on bankruptcy bill proposed revival of US jurisidiction of investors’ complaints (deleted from bill) Washington Post,Mar. 9, 2001

Society of Actuaries: Future role of Lloyd’s of London

New York Law School, Nov. 6, 1996 symposium, “Implication of the Reconstruction of Lloyd’s of London”

Insurance Journal: Abortive federal probe of Lloyd’s in California

Response to Parliamentary question, June 11, 1997: “Mr. Cousins: To ask the President of the Board of Trade if she will review the decision of the last Government not to hold an independent judicial inquiry into the financial affairs of Lloyd’s of London.”

Lyonette Louis-Jacques (University of Chicago Law Library) source list (links) on international securities regulation

“Once a pillar of the insurance business, a venerable institution, and symbol of the British Empire, Lloyd's of London now faces allegations of fraud and a difficult financial future. ”

Evening Standard, Nov. 10, 2002: Vulture fund to bring suit against Lloyd’s Names over inadequate offer by Equitas

Bestwire (A.M. Best), Nov. 21, 2001: Lloyd’s Says U.S. Closes Probe With No Charges (U.S. Attorney’s Office for the Southern District of New York ends investigation into Lloyd’s U.S. activities)

Australian Securities & Investments Commission, Class Order CO-02/318 (conditional relief for Lloyd’s from certain investor protection provisions)

“Names feud could wreck £230bn claim” Names fighting among themselves over the European Union initiative) Mail on Sunday, 21 Sept. 2003 ( archived copy)

Institutional Investor-International Edition; Nov. 2002, Vol. 27 Issue 11, p 69: Reports that Lloyd’s Names have again blocked efforts as of November 2002, by Lloyd’s of London corporate members to force them to relinquish their unlimited liability status as underwriters and join corporate insurance pools, which may be less risky but also are potentially less lucrative

MEP Roy Perry’s speech before the European Parliament on Lloyd’s, 25 Sept. 2003:
— HTML format
— RTF format

Further sources of free selected British case reports and data (such sites come and go; reliable databases are fee-based and include Justis (Law Reports), Butterworths (All England Reports and Lexis UK) and Westlaw UK.)
 
http://www.courtservice.gov.uk
http://www.swarb.co.uk
http://www.number7.demon.co.uk/hol/indexes/ind.htm
http://www.open.gov.uk
http://www.legalday.co.uk
The best (fee-based) citator and party-name directory for UK cases is:
http://www.lawtel.co.uk
Links for Supreme Court cases around the world:
http://www.globalcourts.com European Voice:
23 Sept. 2004: “Lloyd’s back on Parliament’s radar: The EP could still take legal action against the Commission for its role in the controversial Lloyd’s of London affair, an MEP said this week.”
22 April 2004: “Cox ‘no’ to legal action over Lloyd’s”
1 April 2004: “BREAKING NEWS: Deputies opt for Lloyd’s court action”
4 March 2004: “European Parliament cools on Lloyd’s action”
19 Feb. 2004: “Hain wrote to British PM calling for Lloyd’s inquiry”
16 Oct. 2003: Pascoe case brought in Court of First Instance against Commission
(The issues are whether the Commission was right to defer to Britain on past violations, and (of more general interest) whether the House of Lords’ refusal to refer under Art. 234 TEU (177 EC) and European law tolerating this, is a violation of fundamental Community rights. But see the Lyckeskog case, [2002] ECR I-4839).
18 Sept. 2003: “Lloyd’s court case no bar to Parliament probe”
24 July 2003: Euro Commission set to drop probe of Lloyd’s
19 June 2003: Cashman letter, claiming spurious calumny
12 June 12 2003: Earl of Stockton corrects Jaffray claims
5 June 2003: Benningfield dissects Harvey Pitt, Chuck Quackenbush
5 June 2003: UK envoy Sheinwald demeaning UK over Lloyd’s names
28 May 2003: Jaffray letter: ‘Names’ welcome the 21 May decision to implement a full investigation

Barnes & Noble review of Betty Luessenhop’s book, “Risky Business”
Bearcave review of the book

Lloyds: A Follow-Up Review by U.S. State Insurance Regulators, Dec. 6, 1999 (MS Word format)

Bearcave review of Adam Raphael’s book, “Ultimate Risk”

The Wall Street Journal, Nov. 17, 2003, “The Master of Disaster is Trying to Avoid One”

Daily Telegraph, Mar. 18, 2004: “The Old Names may hear their death knell”
Daily Telegraph, Mar. 23, 2004: “Equitas £132m to settle US claims” Richard Astor’s Web site law relating to Lloyd’s and Equitas) (includes links to some of his articles and blurbs on his books)
“Reflections on legal challenges when practising Equitas law”
“A quick introduction to some current legal issues at Lloyd’s”
Equitas under English law
Brief: “Lloyd’s 101” (RTF)

2000 discussion of Lloyd’s potential losses from insuring EMF risks (“greater than asbestos”)

John B. Haarlow & Martin R. Baach, Equitas: Setting the Record Straight, 13 Mealey’s Litigation Report: Insurance, Apr. 13, 1999

Sunday Times Oct. 19 articles:
“A disgruntled City executive has unlocked one of the Square Mile’s most closely guarded secrets: the identities of the select millionaires who make up the Lloyd’s names.”
Insider names the big Lloyd’s losers
Named: the secret Lloyd’s gambling set
Top names
And the leak of “confidential information” is “under investigation” by Lloyd’s
— archived copy of Independent article Financial Times articles:
Nov. 9, 2004: Will Equitas come back to haunt the big companies?
July 30, 2004: Buffett-backed Lloyd’s merger falters at first fence
July 14, 2004: Buffett invests in Lloyd’s insurer consolidation
Feb. 7, 2004: Legacy of fierce storms darkens future for Names
Jan. 9, 2004: Irish property group to buy Lloyd’s building
Jan. 9, 2004: Lloyd’s building to be sold to Irish group
Apr. 2, 2003: Lloyd’s takes reinsurers to arbitration

Daily Telegraph, Nov. 4,2003: “Top American analyst blasts underwriters” “ A brief suggestion regarding lost insurance policies relating to Lloyd’s cover “

The Independent, 5 July 2004: Ten years after Lloyd’s of London scandal, investors face new threat of financial ruin European Commission press release announcing closure of investigation into supervision at lloyd’s (notwithstanding continued European Parliament interest)
comment: an appreciation of the dynamics of this outcome requires some understanding of EU history, EU bureaucracy and intra-EU politics. When we approached Senator Kerry’s staff in 1993 with the facts of Lloyd’s debacle - just weeks after the release of the Committee report on the BCCI scandal - we found a total understanding of the fraud and its significance, but were confronted with the political realism that sourrounds Lloyd’s and that, after all, led to the private Lloyd’s Act 1982. Everything that postdated our meetings in Washington on that day, and all that has appened in Brussels and in London, and all the cases and reports on this page could have been(and largely was, by us) largely foreseen.

Guy Carpenter: The Lloyd’s Market in 2004

UK National Statistics, 2003: Investment by insurance companies, pension funds and trusts

Financial Regulatory Briefing list of Lloyd’s press releases (probably incomplete)

Henry Hyde’s remarks about entitlement to protection of investors in Lloyd’s of London securities, House of Representatives, July 31, 1997 Lloyd’s disciplinary proceedings: list, with verdicts, through 1990 (numerous subsequent cases can be found online, on Lloyd’s Web site. Lloyd’s will, in general. supply printed copies of decisions on request..

Draft amendments to Uniform Foreign Money-Judgments Recognition Act (“The public policy exception in subsection 4(b)(3) of the current Act says that recognition may be denied if ‘the cause of action’ is repugnant to the State’s public policy. Based on this ‘cause of action’ language, some courts have refused to find that a public policy challenge basedon something other than repugnancy of the foreign cause of action comes within this exception. E.g., Southwest Livestock & Trucking Co., Inc. v. Ramon, 169 F.3d 317 (5th Cir. 1999) (refusing to deny recognition to Mexican judgment on promissory note with interest rate of 48%); Guinness PLC v. Ward, 955 F.2d 875 (4th Cir. 1992) (challenge to recognition based on post-judgment settlement could not be asserted under public policy exception); The Society of Lloyd’sv. Turner, 303 F.3d 325 (5th Cir. 2002) (rejecting argument legal standards applied to establish elements of breach of contract violated public policy because cause of action for breach ofcontract itself is not contrary to state public policy); cf Bachchan v. India Abroad Publications,Inc., 585 N.Y.S.2d 661 (N.Y. Sup. Ct. 1992) (judgment creditor argued British libel judgmentshould be recognized despite argument it violated First Amendment because New York recognizes a cause of action for libel). Other courts have applied the public policy exceptionwithout taking any notice of this language. Subsection (c)(3) broadens the public policyexception of current section 4(b)(3) by providing that the ‘judgment’ as well as the cause ofaction can violate public policy. See Study Report, Section III (D)(2)(ii).”) The Economist, Apr. 7, 2004: The Lloyd’s Insurance Market — Unlimited liability on the way out (“In 1990 there were almost 30,000 Lloyd’s “names”, wealthy people who at that time provided the entire backing for the famous London insurance market and were, proverbially, liable “down to their cufflinks” to meet claims. Today, they number barely 2,000; those with unlimited liability are heading into history.”) Comment: I used to write letters to the editor to correct their mischaracterization of Lloyd’s investors as “wealthy” people. Lloyd’s PR machine proved noisier and more effective, however. The truth is better represented by such investors as Mr. Hefler , the 72-year-old Canadian penniless debtor who was made bankrupt in 1997. (link to this article repaired Mar. 19, 2005)

The Times (London), Dec. 27, 2004: Disastrous year for insurance companies

New York Times, Dec. 7, 2004: WTC towers insurers must pay for two separate losses, up to $2.2 billion
New dockets and pleadings from PACER (see purple section)

The Economist, Sept. 18, 2004, pp. 89-91: Special Report, Lloyd’s of London

New York Times, March 31, 2005: Insurer [AIG] Admits Bad Accounting in Several Deals [with General Re] (compare the time-and-distance policies Lloyd’s syndicates used in a similar way to create fake profits and justify bonuses for underwriters, with investors left to face losses in the future)

Francovich Follow-Up
Cases on State Liability for Breach of European Community Law
Dossier tracks the state of affairs regarding State liability for breach of Community law following the European Court of Justice’s landmark Francovich judgment . The site comprehensively monitors pending cases and discusses the decided ones by the ECJ. Selected judgments by the national courts of a number of EU Member States are covered. The development of a ius commune under 288 EC is discussed. There is also a comparative perspective in terms of EEA law, fundamental rights and private international law.
same, complete site as single PDF file (as of Sept. 2004, 95 pages; Web site may have later version)

Los Angeles Times: Union Carbide and potential horrendous new asbestos liability The Guardian, “Barclays denies fleecing clients” , Oct. 2, 2004: the point here is that by selling short collateralised debt obligations (derivatives) that were supposed to be “low risk” because they were “diversified”, in fact Barclays profited at the expense of its customers because the derivatives were actually high-risk due to incestuous recycling and secret deals. Just like Lloyd’s.

The New York Times, Oct. 15, 2004: Broker Accused of Rigging Bids for Insrance Financial Times, Oct. 23, 2004: Lloyd’s joins chorus seeking greater disclosure of commission arrangements

The Wall Street Journal, Oct. 29, 2004: Hidden Loans May Be Common Practice in Insurance Industry (remember the notorious Lloyd’s time and distance policies?)
WSJ, May 2, 2005, MBIA — another insurance scam, son-of-time-and-distance Hansard, July 13, 2004 : The Government “have no plans to change” provisions of law affording the Society of Lloyd’s immunity from suit in the exercise or omission to exercise a public regulatory function

“Struggle Against Financial Exploitation”

“Ex-Lloyd’s Names”

Speech by Peggy Berton, President of CNA Global Resource Managers, “ Benchmarking & Restructuring Claims Services “ (undated)
— from GRMCNA server Kathleen Patchell, Study Report on Possible Amendment of the Uniform Foreign Money-Judgments Recognition Act (June 25, 2003) (mentions Lloyd’s enforcement of judgment cases)

The Times, Nov. 2, 2004: Britain to face £220bn bill for asbestos claims UK Financial Services Authority, Supervision Arrangements for Lloyd’s Underwriting Agents, Enforcement Co-operation Arrangements under the Financial Services and Markets Act 2000

Time and Distance Policies: Back in the headlines, and this time it’s Berkshire Hathaway. Financial Times, Dec. 30, 2004: “SEC widens insurance probe” (loans disguised as insurance policies to manipulate profits, exactly what happened at Lloyd’s in the 80s and 90s.
— compare the AIG/General Re brouhaha (NY Times, Mar. 31, 2005)
— And see a Pravda English Forum discussion The Independent, July 5, 2004: “Ten years after Lloyd’s of London scandal, investors face new threat of financial ruin”
— archived version
— Lexis-Nexis version

David H.K. Mainwaring’s petition to the European Parliament (RTF) Law.com/Miami Daily Business Review, July 2, 2004: Lloyd’s syndicates suing own lawyers for malpractice

WSJ on prospects for individual Chapter 11 bankruptcy filings under the revised Bankrupty Code (which will make Chapter 7 & 13 filings impossible for most Lloyd’s investors (Ch. 7 because of the means test; Ch. 13 because of the Sec. 109 debt limitation). A rather bizarre article by English barrister Richard Astor , self-styled “expert” in Lloyd’s matters, that misunderstands the nature of U.S. bankruptcy proceedings and the reasons why attorneys for some U.S. petitioners sought Court authorization to publish announcements in the press destined to Lloyd’s policyholders and inviting claims. (in fact, such publication is merely intended to strengthen the claim to have discharged future liability by putting potential claimants on notice. Notice is never required, however, in no-asset Chapter 7 bankruptcies and notice to Lloyd’s itself (inclusion on the mailing “matrix” submitted with the bankruptcy petition) is probably constructive notice to its policyholders.)
(original source: http://www.globalinsolvency.com/insol/casenote/lloyd1.pdf )

JTW Reinsurance Consultants research papers

James Hall, “The Sinking of Lloyd’s of London” (Public Commentary, March 2005) Reliance Insurance Company (Penna.) liquidation: documents (Web site)

On Harvey Pitt and Lloyd’s (2002) Freshfields: Insolvency Regime for the Lloyd’s Market (PDF)

On Peter Levene: Investment & securities fraud S.I. 1990 No. 2524: The Lloyd’s Underwriters (Schedule 19A to the Income and Corporation Taxes Act 1988) Regulations 1990

The Independent, Apr. 23, 2005: On pro-se litigation and how to do it Insurance Journal, Apr. 7, 2005: “S&P Sees No Change in Lloyd’s Ratings”

Did the UK Government orchestrate the “rape of the Names” at Lloyd’s?: The Daily Telegraph on the scamming of the “grannies” who owned Railtrack shares Income and Corporation Taxes Act 1988 ( United Kingdom income tax law , as amended to April 1, 2005) (HTML, in 10 sections)
— same, at HMSO site
Taxation and Chargeable Gains Act 1992 (as amended to 15 April 2005) (large HTML file: 537 A4 pages, 4.7 mb)

ERisk: Case Study, Lloyd’s of London’s expansion into the U.S. market  color="red" European Union legislation in force: Insurance color="black" – See especially: Directive 2001/17/EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings

Lloyd’s Premiums Trust Deed color="black" The Observer, Sept. 4, 2005, color="red" “Insurers face $40bn claims after Katrina”
Daily Telegraph, Sept. 5, 2005, color="red" “Katrina’s trail of destruction spiralling towards $100bn”

Los Angeles Times, Sept. 11, 2005, color="red" “Katrina May Cost U.S. as Much as Two Wars” —  The Wall Street Journal, Sept. 12, 2005, “Claims to Property Insurers Could Be as Much as $60 Billion”; “ S&P … cited commercial insurers, including Lloyd’s of London. Some commercial insurers are exposed through their sales of ‘business-interruption’ policies, which cover certain expenses and lost profits of businesses. … Lloyd’s also is a big insurer of offshore energy installations.”
— The Wall Street Journal, Sept. 15, 2005, “Lloyd’s Estimates Its Katrina Costs At $2.55 Billion”

The Washington Post, Sept. 12, 2005, “Claims Mark Recovery’s Beginning But Deciding How Much Damage Is Attributable to Floods May Get Tricky” The Independent on Sunday, Oct. 2, 2005, “Lloyd’s Names says UK government will cause 20,000 bankruptcies”

Pete Orr Insurance Anti-Fraud Act Media release
Text of statutes (unofficial site; for official version, go to Florida Legislature site Statutory Instrument 2005-1998 “Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005”
—  Parliamentary comments
—  Text of Directive 2001/17/EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings
—  Text of ECJ judgment of Nov. 18, 2004 in case C-164/04, Commission v. United Kingdom

 Ian Hay Davison, A View of the Room (1987)  Fraud Advisory Panel Web site with links, “designed to provide you with up-to-date information about the Panel and fraud in the United Kingdom”

FT, Feb. 25, 2006: “No such thing as rest in peace for Lloyd’s Names” — on the purported liability of estates and heirs to claims of Lloyd’s policyholders after Equitas’ reserves are exhausted Financial Times articles, Oct. 21, 2006, on Warren Buffett’s proposed deal over Equitas
Text of Warren Buffett Interview

Omaha World-Herald, May 5, 2007, “Berkshire’s ties to Lloyd’s grow”

Lloyd's List, May 7, 2007, “Insurance Group campaigns for ex-Lloyd_s names and nuclear plants”

Financial Times, Feb. 3, 2007, “Lloyd's of London regains its luster”

Financial Times, Nov. 9, 2006, “High Court rejects £ 1bn Lloyd's claim”

Madison County Record, Aug. 3, 2005, “After $140 billion is gone asbestos will come right back to state courts, say Democrats”

Alex Brummer, Daily Mail, Mar. 30, 2007, “Lloyd’s bonanza follows Katrina”

Katherine M. Skiba, Milwaukee Journal Sentinel, May 20, 2007, “Many state lawmakers are in the millionaires’ club: Filings offer peek into finances of Wisconsin’s congressional delegation” (“House Republican Tom Petri of Fond du Lac reported holdings of more than $8.1 million. That counts a $350,000 partnership in Lloyd’s of London insurance underwriters.”)

Andrew Foxwell, Mail on Sunday, Apr. 22, 2007, “ Names in new legal bid to get cash back” UNO case, hearing on June 6, 2007

Ben Hall, Financial Times, Aug. 20, 2007, Fraud victims ignored by government, says study (reprise of the abandonment of Lloyd’s victims by governments

Michael Lewis, New York Times Magazine, Aug. 26, 2007, In Nature’s Casino (note the article’s comment about the quitupling of insurance rates after Hurricane Andrew—one can only assume that Lloyd’s insiders seized those profits for themselves, through churning: fees and commissions)

Turcan Connell (English law firm) Memorandum on estates of deceased Names (PDF)

Lloyd’s List, Oct. 23, 2007, Lloyd's seeks court gag on former name

Anita Raghavan, The Wall Street Journal, Dec. 27, 2007, “A Legal Battle Against Lloyd’s_Gives Rare View” (Issue raised in Tropp case (U.S. enforcement of judgment case) is U.K. parliamentary intent in passage of the Lloyd’s Act 1982)

Karen Richardson et al., “Jury Convicts Five of Fraud In Gen Re, AIG Case” The Wall Street Journal, Feb. 26, 2008, – Fraudulent reinsurance scam: an echo of Lloyd’s, but by comparison the British Government has rarely mounted successful white-collar crime prosecutions. See also the Natwest Three cases.

Yvette Essen, “Lloyd’s Names assured about their liabilities”, Daily Telegraph, Mar. 22, 2008

Maggie Urry, “Lloyd’s braces itself for downturn”, Financial Times, Apr. 3, 2008

Nick Mathiason, “London’s link to Burmese junta revealed – Lloyd’s insurers underwrite military dictatorship's aircraft and shipping, claims new campaign” Observer, July 27, 2008

Richard Kay, “Jaffray’s Seeds of Happiness”, Daily Mail, Sept. 5, 2008, (“As baronet Sir William Jaffray looks set to end his long-running Names battle with insurance behemoth Lloyd’s of London, he has more good news. He has announced the engagement of his only daughter ...”)

“UK High Court Issues Restraining Order on Lloyd’s Former ‘Names’”, Claims Journal, Sept. 11, 2008

Reported corruption at the Financial Services Authority

In a surprising incident, the “Plumber” caught the FSA chief and the lead administrative law judge (to use the U.S. terminology) of a securities-law proceeding against one Paul Davidson in flagrante delicto plotting to pervert the course of justice. These are the stories:

Lawyers hit The Plumber, The Mail on Sunday, Nov. 12, 2004

“Plumber” Paul wins back his court costs, Manchester Evening News, Oct. 12, 2006

Plumber wins his fight with the FSA, Daily Telegraph, Oct. 13, 2006
— Daily Telegraph editorial

The “Plumber” was fortunate in that he and his investigators were able to videotape one of the members of the tribunal, Terence Mowschenson, QC, walking his dog (dare we write dogging?) miles away from his home and conversation with the head of the FSA's Regulatory Decisions Committee, Christopher Fitzgerald. It’s a pity that the “industry” that sprang up to “defend and advise” Lloyd’s investors in the 1990s, profiting handsomely in the process, made no effort to look into the politicization and the allegations of case-fixing and corruption in the Lloyd’s affair: in the co-opting of the “action groups” by Lloyd’s and the buying of justice.

Abortive state securities- and insurance-law prosecutions of Lloyd’s
(mostly news releases, plus a preliminary
assortment of links)

Arkansas Cease and Desist Order

Pennsylvania

Florida Utah no-action letter

Illinois (included because this press puffery tends to show the priorities of state commissioners: to assure availability of Lloyd’s reinsurance proceeds to cover local risks and the liabilities of bankrupt insurers)

Nat’l Ass’n of Insurance Commissioners, Final Report on Lloyd’s
— archived copy

Follow-up Review (1999)    — archived copy, Microsoft Word format

Louisiana  

Missouri
— another page
— Missouri Digital News article on cease and desist order
— “Cook takes on Lloyd’s of London” and: the rather crude lawyers at Fried Frank congratulating themselves over having helped Lloyd’s defeat the state prosecutors (well, their guy, Robert E. Gerber, got himself appointed a judge of the Bankruptcy Court in due course, didn’t he)

Ontario Securities Commission, ruling, June 4, 2002
— another copy, 26 O.C.S.B. 206

Critical Web Sites

American Names’ self-help group site: “Lliars of London” (archive.org index)
— mirror site, “Truth About Lloyd’s” (operational as of September 2008 but not updated since 2006)

Sally Noel’s page, Lloydsfraud.com (index of captured pages from archive.org)
Sally Noel’s data packet (PDF, 17 pages, 5.72 mb)

The “Gotcha” site (on international maritime insurance fraud)

European Lloyd’s investors project (apparently defunct, link is to copy at http://archive.org)

batr.org spoof: The sinking of Lloyd’s of London

High Premium Group (apparently defunct, link is to copy at http://archive.org “trading through” (but see The Economist, April 7, 2004 article )

Association of Lloyd’s Members (traditionally co-opted by Lloyd’s)

Some sites and blogs, selected by G o o g l e