STORY FROM: Asbestos
British Judge Dismisses Investor Fraud Suit Over Lloyd's Asbestos Claims
December 1, 2000
LONDON - Global insurance giant Lloyd's of London escaped what some said would have been 'irreparable harm' to its reputation when a British judge ruled Nov. 3 that it did not defraud investors by allegedly withholding information about asbestos-related claims.
British High Court Justice Peter Cresswell threw out claims by nearly 200 investors who claimed Lloyd's hid the extent of widening losses suffered in its payout of asbestos workers' compensation claims.
The allegations arose after Lloyd's syndicates were tapped dry by asbestos claims and the insurer began demanding payments from investors under a deal it had struck with its investors, ...