By the mid-1960's, senior executives
who ran Lloyd's insurance syndicates had
300-year old insurance market to
the brink of extinction. Decades of writing overly generous policy terms at
below market rates had exposed many Lloyd's syndicates to massive asbestos
in the early 1970's, Lloyd's insiders masterminded and implemented a plan
to delay the demise of the Lloyd's market. A handful of top executives saved
themselves, and 6,000 British aristocrats who were Names, from financial ruin
by defrauding tens of thousands of new investors out of billions of dollars
of capital. The "new" capital was used to pay losses already incurred
by the old Names. The result was the largest Ponzi pyramid investment scam
in history. Lloyd's
secretiveness, as well as their insurance litigation, lobbying, and public
relations strategies over the past 30 years, have had a single purpose: Avoid,
at all costs, the production in court of evidence of fraud implicating high-ranking
U.K. government officials and Lloyd's insiders.
Quackenbush/Lloyd's/LeBoeuf Alliance-- in the news.
from the Congressional Record - Senate debate, March 15, 2001, Re
S-420 Bankruptcy Abuse Prevention and Consumer Protection Act of 2001, Sec.
1310. Enforcement of Certain Foreign Judgments Barred.
of Law and Forum Clauses and the Recognition of Foreign Country Judgments
Revisited through the Lloyd's of London Cases"
By: Professor Court Peterson,
as published in the
Louisiana Law Review,
and the Asbestos Catastrophe A Brief Overview of 30 years of Fraud
Timeline of Fraud at Lloyd's of London.
to U.S. Secretary of State Madeleine Albright et al. from Attorney Thomas
from Robert Hiscox to Sir Peter Miller, (then) Chairman of Lloyd's,
May 12, 1987
of US Liabilities at Lloyd's" A Names Defence Association Paper
and Mr. Ponzi" a Names Defence Association Paper
of Ian Richard Posgate Hongkong Bank of Canada v. Hendrie (excerpts
from the proceedings)
A Myth of Hindsight" is a painstakingly assembled and very complete
chronological diary of events at Lloyd's and affecting Lloyd's from 1871
to 1998. Access the complete chronology and related spreadsheets and files.
illustrating annual recruitment of new investors, known as Names (1970 to
comparing losses for working and non-working Names.
the Money Went" according to John Rew, accountant at Chatset.
vs. Resignations at
Lloyd's, 1987, '88, '89