Lloyd's Offers Investors $4.5 Billion Settlement; Plan Meant to End Litigation Over Losses

The Washington Post | May 24, 1995| | Copyright

Lloyd's of London, the famed global insurance giant, proposed a $4.5 billion compensation plan today to settle mountains of litigation from aggrieved investors and extricate both them and the insurer from open-ended financial losses.

Without a resolution of lawsuits by thousands of Lloyd's investors, "we haven't got a future," said Lloyd's Chairman David Rowland. After $12 billion in losses since 1988 and billions in outstanding insurance liabilities, "there's no U.S. cavalry coming over the hill bearing great dollops of money," he said. Rowland tried to prod litigants by noting that if ...

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