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FURTHER STATEMENT. THE SOCIETY OF LLOYDíS AND SIR WILLIAM JAFFRAY AND OTHERS
This Further Statement amends and supplements the Statements issued on 1 November 1999 and 21 January 2000. The management of the Lloyd's Litigation has been the responsibility of the Commercial Court. Prior to the market settlement in 1996, the Commercial Court identified and decided a number of preliminary issues which (subject to appeals) assisted in resolving certain common issues of principle. In addition, the court selected and decided a number of lead or pilot cases for trial as to liability and general principles relating to quantum. In September 1996 a market settlement was arrived at. About 95 per cent of Names accepted the market settlement. 1,752 Names did not accept. About 180 Names have since reached individual settlements with The Society of Lloyd's ("Lloyd's"). Of the remaining Names, as at 1 November 1999 about 148 were claimants in the Jaffray action referred to below and about 1,420 were not. A number of the remaining Names have joined the Jaffray action since 1 November 1999. In High Court proceedings between Lloydís and Sir William Jaffray and others (the claimants), the claimants have alleged that they were fraudulently induced to become or remain underwriting members of the Lloyd's market by reason of Lloyd's failure to disclose the nature and extent of the market's liability for asbestos-related claims. The Commercial Court has ordered that the trial of this issue (the Threshold Fraud Issue) in relation to three sample Names will take place in the High Court in London starting on 28 February 2000. It is important that all Names who have not entered into settlement agreements with Lloyd's, either as a result of the Reconstruction and Renewal Initiative or otherwise, appreciate that so far as the High Court of Justice of England and Wales is concerned, this trial is intended finally to resolve allegations of fraud against Lloydís in respect of the treatment of asbestos-related losses at Lloyd's between 1978 and 1988. Accordingly, any individuals who wish to reserve the right to advance such allegations against Lloyd's before the High Court of Justice of England and Wales must provide written notice to Lloyd's solicitors, Freshfields, at 65 Fleet Street, London (reference RDP/GN, fax number 0171 832 7001) by no later than 21 February 2000 confirming that they wish to become parties to the litigation. Failing timely service of such a notice, these individuals will thereafter (subject to any further order of the court) be precluded from advancing such allegations without permission of the court. An individual who provides written notice by the specified date will be entitled to become a party to the proceedings on the date of receipt of such notice and will be bound by the High Court's determination of the Threshold Fraud Issue. In the event that the action is unsuccessful, a Name serving such a notice may be liable for a proportionate share of Lloyd's costs. Further a Name serving such a notice will be subject to the costs-sharing order dated 26.1.2000. Any Name who has given notice of intention to become a party to the proceedings after 1 November 1999 may withdraw from the proceedings by written notice to Freshfields and More Fisher Brown given within 14 days of notification by the court of the amount due under the costs-sharing order. Any participant who does not give notice of withdrawal from the Register but who fails to pay his/her costs contribution within 14 days of such notification will automatically cease to be a registered participant unless the court otherwise orders. Any person who ceases to be a participant as above will have no liability for Lloydís costs or the United Names Organisationís costs but will remain subject to the courtís orders which include the provision that no further action may be brought in respect of this subject matter without further order, and impose obligations of confidentiality. Names who wish to obtain further information on the Threshold Fraud Issue or as to the method of becoming a party to the action may contact the claimantsí solicitors, More Fisher Brown of 1 Norton Folgate, London, E1 6DA, telephone 0171 247 0438, fax 0171 422 0760, reference Jim Edwards, Alison McNair. A Name may apply to the court (on notice to Freshfields and More Fisher Brown) if he/she considers that further information (not otherwise available) is needed before a decision can be made whether or not to join the action. Any Name who may be affected by this statement should take independent legal advice as to his or her position. Copies of the pleadings in the action and the detailed orders and directions as to the above may be inspected in the Commercial Court Registry. I direct that this statement be published on the Court Service website (www.courtservice.gov.uk/comprdir.htm) together with the costs sharing order dated 26.1.2000.
Cresswell J. 3 February 2000 (End of statement) |
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