Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (50085)	3/6/2000 1:43:00 PM
From: long-gone	Respond to of 116827

OT(if these can be involved in fraud???) Lloyd's of London fights for its life against fraud allegations By Bruce Stanley, Associated Press, 3/6/2000 12:41 LONDON (AP) Venerable insurance colossus Lloyd's of London took up the fight of its 312-year life today when lawyers began arguments in a lawsuit accusing the company of massive fraud. Hundreds of Lloyd's investors, known in the business as Names, allege they were duped into joining the institution at a time when Lloyd's faced overwhelming losses due to claims by victims of asbestos-related illnesses. The Names argue that top Lloyd's executives knew about these enormous liabilities but deliberately concealed them as they launched a worldwide drive to recruit thousands of new investors to help absorb the potential losses. Lloyd's lost $12.6 billion from 1988 to 1992, and many Names faced financial ruin. About 30 Names committed suicide over a several-year span, unable to cope with their share of the losses. Lloyd's reserved just 20 million pounds, or $32 million, against asbestos-related claims when its true exposure exceeded 4 billion pounds, or $6.3 billion, Simon Goldblatt, lead lawyer for the Names, told the court. 'The contrast between that 20 million and the true figure (cont) boston.com