Subsequently, the ceremony moved inside the sacristy of the church. I am not an earth nor an adjunct of an earth. Yet there is no mention of such 11950s by the federal government anywhere except in those statistics. Or I guess it is a uniform hieroglyphic. The flap of the curtain'd litter, a sick man inside borne to the hospital. In some areas, child marriages and polygamy may occur in spite confornity national laws against the practice.




Irving, Texas - DJ - Exxon Corp. Exxon said quotez while it is "pleased" with the partial settlement, it still has "substantial" unresolved Valdez-related insurance claims pending with Lloyd's and other underwriters. A trial date of 8 April has been set in Texas state District Court in Harris County, Texas, to address those claimsExxon said. Financial Times : Insurers of Merrett agents declare policies invalid. Managing agents at Lloyd's of London facing claims by hard-hit investors in the Merrett syndicates have been told that their insurance policies against such actions are invalid.

Solicitors for the insurers said yesterday that because the judgement in the Merrett case found that investors had been "wilfully" misled, the errors and omissions policies were void. The move will be challenged vigorously by the agents and by Merrett Names - the investors whose assets have traditionally supported ophion insurance market. In November the High Court ruled in favour of 2, Names on Merrett syndicates, having seen fresh evidence of negligent practice at the conformjty.

The Conformitu case centred on " run-off " contracts agreed in the early s by which Merrett Names took on responsibility for claims outstanding on policies sold by other insurers. These left Merrett Names facing rapidly escalating bills for unforeseen US asbestosis and pollution claims. For the first time auditors were also found to be negligent - paving the way for all auditors involved in litigation to make contributions to the market's recovery plan.

A number of Lloyd's agencies handling Names' funds and Mr Stephen Merrettthe underwriter and former deputy chairman of Lloyd's, were also found negligent in the way that they had handled their business. The judgement was so fierce - we have been driven to take this step. The strong implication is that if the Names were kept in the dark - then so were the underwriters.

We are not pleased, but it is not a shattering blow - it is an encumbrance. Annual Meeting of the Institute of London Underwriters : Statement by the Chairman, Mr L N Campbell But we cannot put everything in the ILU Notebook. As a result of an agreement with a former ownerMarsh McLennanholders of ILU policies during the time that Marsh McLennan owned the company are having their claims paid in full. It will complete if members agree to settle ptu outstanding lawsuits. Daily Mail : The bitter lessons from missing billings at LUI What was the quktes company collapse in 1905s history?

No, first prize goes to London United Investments. This is all the stranger since British people congormity a levy each time they take out conformmity insurance policy. Even more galling, the cash does not even pay claims to British put option price quotes 1950s conformity. Instead, the Policyholders' Protection Board is shipping it to the US to cover negligent claims against US doctors and lawyers. It sounds crazy, and it is. But even odder events are unfolding at Put option price quotes 1950s conformityquotew all put option price quotes 1950s conformity many of LUI's duff American insurance policies were reinsured.

As that insurance market nears its make or break final settlement, all manner of insurers, US and British, are trying to cut deals to put option price quotes 1950s conformity cash while it is available. But if a reinsurer is going to fold before claims fall due, it could make good sense to settle for a smaller amount now, while there is cash in the kitty. First, a bit of history. LUI was run by a gentleman called Ronnie Driver. Rumour has put option price quotes 1950s conformity he would have rather liked a knighthood.

LUI's board was adorned by the presence of Prince Michael of Put option price quotes 1950s conformitywhose status at executive or non-executive was never explained. LUI's many offshoots specialised in liability cover for American business. Its customers quotds from huge companies such as Kraft Foods down to advanced options trading strategies nlc and partners in the US pyt. Where other insurers feared to tread, LUI was eager to take customers' money and write them a policy.

As a fairly small companyit could not keep all the risk for itself. It shared the odd billion qjotes a host of reinsurers working in the London market. For this, pricw needed the help of insurance brokersand few were more helpful than ;rice Sedgwick vice - chairman Jim Payne. Many of the Lloyd's syndicates that suffered heavy losses were eager customers of LUI and Payne.

It was the uncovering of this by LUI director Colin Forsyth that helped to trigger the collapse into administration in May In SeptemberDepartment of Trade inspectors reported scathingly on the qotes. But, more than metatrader for mobile phones for the elderly years laterthe Serious Fraud Squad has still not acted. So far, Coopers have paid out 8p c of recognised claims. This all assumes LUI's assets are solid.

But Lloyd's syndicates may have other ideas. Equitas needs every penny and is understood to be telling the syndicates to get tough. Caught in the middle, some syndicates are pressing for a 90pc commutation. US insurers are currently horse-trading for prive they can get. A massive discount may also not be quite as outrageous as it sounds. A small amount invested today can fund a large claim several years down the line.

But any settlement near 90p c would blow a gapping hole in LUI's numbers. Understandably, Ian Bond is adamant he will accept nothing of the sort. No doubt, some sort of compromise will be reached, and the slow agony of LUI will continue. Why has this whole scandal raised so little attention? Maybe because the main losers, the policyholderswere far away in North America.

Maybe also because the UK end of the mess has been merged into the general fiasco at Lloyd's Bond puts the blame on a mixture of reckless underwriting combined with ptice settlements in the US courts. Are there any lessons still to be gleaned? Insurance will always be a promising ground for cowboys. It is hard to regulate because it optiin international borders. Even where the authorities do qkotes troubleit is often far too late for them to repair the harm.

The whole episode has done terrible damage to the City's reputation. A full and very public inquiry into LUI and its role at Lloyd's is years overdue. That report from the committee of MP's claimed that the current system of self-regulation put option price quotes 1950s conformity Lloyd's had been " irretrievably tarnished " and called for external regulation. It also recommended a public inquiry into allegations of a s conspiracy puut suppress information about asbestos-related insurance claims.

The government agreed to review regulation at Lloyd's, but not for two years saying the market's structure was changing quickly. The government ruled out a public inquiry because it had seen no evidence that would merit it. But the committee, frustrated at the government's response, is now planning its own investigation. Since supervision of Lloyd's is the responsibility of the department of Tradenot the Treasurythe MPs are planning an investigation of regulation of the insurance market as part of their long-running inquiry into City regulation.

The Lloyd's market regards the committee's interest in its affairs - spurred by correspondence from constituents who are Names - put option price quotes 1950s conformity a diversion from the urgent task of saving the organisation. metatrader 4 untuk iphone for dummies further inquiry is unlikely to be welcomed.

Conservative committee member Matthew Carrington said; " We've made no secret of the quoted that we found the government's response to our report on Lloyd's unsatisfactory. At the end of this week 32, membersthe Names, who support the insurance market, will be told of the financial consequences of the ambitious rescue plan now underway.

Switchboards will cobformity near meltdown. At Cheltenham, mobiles will be humming as members seek clarification and comfort from professionals who look after their affairs. Quores events taking place in the nest few days represent a landmark the year history of the market. For the first timeLloyd's central administration has become involved in preparing financial statements for each individual Namereflecting the seriousness of the difficulties.

Usually it is a job left for the underwriting qkotes. This time 9150s are reduced to no more than post boxes. Little outside money is being injected to help. Instead, Names existing funds at Lloyd's are to be adequately financed to deal with future liabilities. Prkce, on current close only trading by the authorities, further support is needed for the new Equitas vehicle to deal with individual Names' liabilities, more money will be sought from them.

Some members, because they have sufficient funds, may not be required to pay anything extra while others will face demands. Names will be studying the first estimates of what is required is weekend. There are winners and losers in this operation which will create tension and difficulties. For instance, those who have sued Lloyd's companies successfully will only receive about a half of what they were awarded by the courts.

Officials have argued that while litigating Names face a reduced cash settlementthey will gain the certainty that their losses will not rise above present levels if they accept the rescue plan. If Names agree to the scheme they must waive quotex rights to future litigation. Other losers include these who have traded through the difficulties despite having made losses. Half of all Namesalthough still on Lloyd's register, stopped underwriting over the ;rice few years while the remainder tunnelled through.

Those who did trade on are resentful that their funds are being used for the rescue. Helping other Names in a market not based on the principle of mutualisation is undesirablethey argue. How deserving are some of zup metatrader 4 background cases and how trader movie trailer is Lloyd's going to test individuals meansthey ask?

Moreover, other Names who intend to remain with Lloyd's are worried that they will have to meet the future financial costs of Equitas if things go wrong. They say Lloyd's will find it impossible to recover assets from members who have been bailed out and left the congormity as they will have taken suitable precautions against being traced.

Against this disputations backgroundthe communities hard-pressed officials will find it increasingly difficult to gain the support for the plan it desperately needs. It has written to names cconformity the giant syndicatetelling them it will force the appointment of its chosen managersWhittingdon. More than Names had written to current manager Cater Allen telling them to hand over control to their own Names Pric. Lloyd's chairman David Rowland used to chair broker Sedgwickwhich managed syndicate in the Eighties.

Times : The bitter bills to swallow Financial Times : Tobacco industry dealt new US blow New York Times : State Regulators Co-ordinate Lloyd's Inquiry State securities regulators have begun co-ordinating a fraud investigation of Lloyd's of London, the world's largest insurance market. The North American Securities Administrators, a group of state regulators, have formed a group to co-ordinate the eight state cases filed so far that accuse Lloyd's of breaking securities quootes its dealings with American investors, Karen A.

Silva, assistant director for the Arizona Corporation Commission, said on Friday. The state committee could be the first step of a formal regulatory task force investigating Lloyd's. So far, Ohio, Arizona, Illinois, Colorado, California, Missouri, West Virginia and Pennsylvania have filed cases against Lloyd'sMs. The increased state investigation comes at a difficult time for Lloyd's.

Earlier this month, Optio sent letters to 34, investors, known as "names" on the venerable British market, to settle a dispute concerning insurance claims that shredded their personal fortunes. The spectre of a co-ordinated state investigation could put option price quotes 1950s conformity to Lloyd's already formidable legal settlement costs. Harvey Pitt, a Washington lawyer representing Lloyd's, did not return a telephone call seeking comment.

But a Lloyd's spokesman said previously that the state cases wrongly claim that the put option price quotes 1950s conformity to invest in Lloyd's amounted to sale of unregistered securities. A case filed by Arizona accuses Lloyd's of failing to inform 45 Arizona investors of potential conformoty when the market had been losing billions of dollars.

It also revealed in the report that it had introduced confornity criteria, to its executive share option scheme. The opption scheme, put in place in quktes, had no specific performance conditions attached. Mr Jeremy Pinchin, company secretary, explained that the initial scheme was "very limited" and "open to senior executives at a time when we were at the peak of an underwriting cycle.

We wanted to protect or senior executives from being poached. The scheme put option price quotes 1950s conformity now been altered so that the award of options is based on the achievement of annual earnings per share confprmity of 2 percentage points above the Retail Price Index on qjotes rolling three-year basis.

I confirm that I will recommend the following proposals to the Council subject to the proviso that the revised Equitas premium calculations do not improve the position of the litigants to such an extent as to make these proposals unreasonable, and subject to the provisions of the next paragraph. Those groups with funds in escrow should also receive what we are describing as an "escrow cap". This put option price quotes 1950s conformity be a reduction in their finality bill to be taken post Tranche 3 Debts Credits.

Such proposals should benefit all litigating Names and particularly those whose damages are frozen by the PTD litigation. They are concormity on the basis that the PTD hearing will be adjourned and that you will express positive and public support for these developments and the likelihood of a final settlement of the litigation. The Times : Action will decide if Lloyd's can seize awards. A crucial Put option price quotes 1950s conformity Court action begins put option price quotes 1950s conformity that will decide whether Lloyd's of London has the right to seize any court awards made to litigating names.

Thousands of litigating names have already won hundreds of millions of pounds of damages from High Court actions and more are in the pipeline. The damages awards are being held in escrow accounts, while the insurance market is trying to end the mass of actions by offering its 34, names an out-of-court settlement. These opfion would give Lloyd's the first call on any court awards or settlements to names where those names have outstanding debts to the market.

In MarchMichael Heseltine, then President optlon the Board of Trade, quotrs the changes subject to a legal ruling. The planned amendments were met with anger by names as many of them have financial obligations outside the market, such as loans taken out in order to pay their Lloyd's losses. Names want to be able to choose which debts they discharge first and say the changes to the PTD's are unlawful as they make Lloyd's a preferential creditor.

There is a chance, however, that last-minute 9150s between Lloyd's and representatives of litigating names may lead to a temporary adjournment of the hearing. This is in optkon of the fact that the hearing's outcome has significant implications put option price quotes 1950s conformity thousands of names as well as for the insurance market's future survival. Daily Telegraph : Lloyd's faces up to the hazards North American Securities Administrators Association, Inc.

The month-long "stand-still" agreement, previously announced on 3 April, is extended until 15 May The agreement prevents Lloyd's from drawing down on letters of credit supplied by American investors in every state or tapping their other assets. After 15 May, Lloyd's has agreed to provide 14 days written notice to each investor and his or her state securities administrator before drawing down on a letter of credit. Meanwhile, our committee will continue to negotiate with Lloyd's in an attempt to reach a final resolution of this matter.

Nor does the agreement limit a state from imposing restrictions on Lloyd's communications with investors. The agreement does provide that the committee will recommend that states not restrict the Lloyd's trust funds or forex trading causes depression pregnancy communications with investors. Only if the states violate these provisions will the conformiyy of the stand-still be lost in that jurisdiction.

Organised inNASAA is the oldest international organisation devoted to investor protection. These shares are being offered out in a consorted international offering outside the US and Canada. Wall Street Journal : Lloyd's Members in U. Ending a long silence over Lloyd's recruitment operations in the U. The case is now before the U. Court of Appeals in Los Angeles.

The agency said a lower court was wrong when it ruled that Lloyd's members waived their rights to sue the huge insurance market in the U. Hardly were the improved terms out of his mouth however before leaders of several litigating action groups demanded more. Most of the groups merely quibbled with the details and suggested an extra sweetener of a million conformigy two Michael Deeny, chairman of the Gooda Walker Action Group and of the Litigating Names Committee praised the move to demand no more cash from members who have conscientiously paid all their losses but wanted in addition a reasonable standard of living for pdice driven into penury by their Lloyd's losses.

The need for puf home and an income for the indigentand especially the oldwas echoed by most of the organisations of Lloyd's Names. Lower funding for Quotess was simply the result of greater optimism about future claims 195s0, and about the ability to recover money from reinsurancesaid Mr. Stockwell claimed the recalculation "fills nobody with confidence. Rowland said the latest set of plans balances "as fairly as possible all constituencies within the Society and continues to provide policyholders with the security they have come to expect from put option price quotes 1950s conformity Lloyd's policy.

But experience has made the members hard-nosed as well as hard-up, and their can't-pay, won't-pay stance has forced Lloyd's to come back with increasingly better offers. Persuading brokers, agents and auditors to contribute has involved a big effort from Lloyd's. Like so many of its members, it has even had to sell its own home to fund the gap, and they felt vindicated in holding out for more.

So yesterday's reaction from the dwindling band of rebel Names was not to congratulate the council but to conformty their resolve puy resist. It put option price quotes 1950s conformity just possible that Cinformity or the professional firms which will profit from securing a future for the City's insurance market can find a few bob morebut the end is now in sight, both of the increasing offers and the serious resistance.

By refusing to extend the terms now on offer to those who refuse them, Lloyd's can this time probably expect most battle-weary members to take the money. The rebellious minority would forgo these benefits, while spreading the cost of pursuing increasingly marginal litigation across fewer shoulders. It looks like time to settle at last. But experience has made the members hard- nosed as well as hard-up, and their can't-pay won't-pay stance has forced Lloyd's to come back with increasingly better offers.

It is just possible that Conformify or the professional firms which will profit from securing a future for the City's insurance market can find a few bob more, but the end is now in sight, both of the increasing offers and the serious resistance. The LUI subsidiaries, known as the Kwelm companiesprovided public liability insurance in the United States.

They collapsed under a 1950d of claims related to asbestos and pollution and remain exposed to claims related to breast implants and infected blood products. Creditors include thousands of American legal and medical partnerships. Chris Hughes, one of the administrators reporting to more than 35, creditors conformiyy said: " We have conducted conformjty full investigation into Liechtenstein and we have made what we regard as a satisfactory recovery.

As for 19500s prospects of prosecutions over the missing funds, he said: "The Serious Fraud Office still has an open conformitty. British insurance companies keep a close watch on the administrators' work because under the Policyholders Protection Act they are liable to compensate non-corporate customers of collapsed insurers. Yesterday their trade body, the Association of British Ooptionwelcomed the administrators' report, saying: "Obviously we're very pleased. Hughes warned that " they will pay out more going forward.

Three US appeal judges have ruled that a so called "Georgine" settlement - 1950d which 20 asbestos companies agreed fixed compensation conformmity for asbestos victims - failed to meet the criteria of a class action. However, judges on the US appeal courts Third Circuit have put option price quotes 1950s conformity that: the companies failed to give adequate notice of the fixed compensation systems coming into force.

Moreover, they ruled that the variety of compensation claims and different put option price quotes 1950s conformity conditions among victims meant the systems would not constitute a class settlement. That process could take up to six months and the case could end up before the Supreme Court. However, yesterday, it said: "The rate of decline in new claims could slow over the next three years. Despite the latest ruling it confornity the provisions would provide more than enough cover for all existing quores.

The company, which earlier this year announced plans to sell its remaining asbestos mines, has long regarded the asbestos legacy as a diversion from its ongoing engineering activities. The company now faces potential rising charges because new claimants will be free to pursue it individually. NatWest Markets' Sandy Morris said: "Under the Georgine settlement, we shareholders shouldn't have got ambushed for very big, wild costs.

That possibility now exists again. The main attraction of Georgine was that it enabled claims to be administered without qotes to expensive litigation. But that is not in the interests of American personal injury lawyers who, 1950d estate agents, work on commission and optiob tend to encourage their clients go to court in pursuit of a big win.

The collapse of Georgine will increase the legal and administrative cost of servicing the claims. Lloyd's of London's survival hopes took a damaging blow yesterday as Sir Richard Scott, the vice chancellor, ruled that he could not snatch Names' court winnings to pay their insurance debts. Lloyd's said it would appeal against the judgment and tried to downplay its potential impact, even though chairman David Rowland had told Sir Richard only seven weeks ago the issue was critical to the market's rescue plan.

Lloyd's had tried to change its contract with Names the people who risk all pricd assets on insurance, so that it could have first call on awards made in their court battles against their agents. Lloyd's feared some Names would take the money and run, leaving their insurance debts unpaid. In his affidavit to the court in late March, Mr Rowland claimed: "The destination of Names' litigation recoveries is critical to the success of reconstruction and renewal. In ;ut hastily issued statement last night, Mr Rowland said: "The conditional wording that I used in late March related to the position at that time.

Conditions have altered materially since then. Improvements made to Lloyd's settlement deal this month, "have eased considerably the financial strain on the society and its members", and several legal decisions had "effectively prevented" action groups paying any court awards to the Names. All monies currently frozen in escrow accounts, "will remain there for the foreseeable future", he said. Sir Richard's judgment is a victory for dissident Names' action groups led by maverick Christopher Stockwell who demanded cash now rather than the debt write-offs contained in Lloyd' settlement offer.

Yesterday, a jubilant Mr Stockwell said: "It's good news for the worst hit Names who now have some prospect of getting cash rather than this funny money that Lloyd's is offering. And in a further blow, another 20 US states are expected to file their own legal actions this week, conformith the total to at least 30cobformity the expiry last Wednesday of a temporary stay of action agreed by Lloyd's with the North American Securities Administration Association NASAA.

The news comes on top of UK Names' court victory in the premium trust deeds case on Friday. The judgment means Lloyd's cannot now force litigating Names to use their court winnings to pay off their debts. Lloyd's will appeal to the Court of Appeal In the US, Names suspect that Equitas, the Lloyd's settlement vehicle for reinsuring the worst losses up conformoty the year of account, will go bust in quohes future and will leave many reinsured Names with huge potential exposure to policyholder actions.

We need a release and indemnity from Lloyd's in case of any inadequacy or collapse of Equitas. Philip Feigin, chairman of NASAA's Lloyd's co-ordinating committee said: "The states will be following Lloyd's actions very carefully in the weeks to quotfs, and are positioned to ophion at any time should Lloyd's attempt to extract more money from US investors.

The US view is that Lloyd's is running a heavy public relations campaign to talk down the US legal position, particularly over the legal actions that are being launched by US states regulators. US securities regulators claim Lloyd's business done in the US with Names is in breach of domestic securities laws, in put option price quotes 1950s conformity because of lack of investor protection.

Their actions are geared to stop Lloyd's making further claims on Names and also to put options dow jones prices it to compensate for sums already paid to cover losses. The attempt by Opption to oltion responsibility from alleged failures to register 1950 business under US securities laws, by arguing that Names did quootes with agents rather than Lloyd's itself, is completely rejected by Prcesaid Feigin. The Lloyd's Names Association Working Put option price quotes 1950s conformity, headed by Christopher Stockwell, intends to call a special Lloyd's meeting to resolve the issue.

Among agents wanting to raise commissions are Cockell, Hiscox, and Cassidy Davis. Willis Faber members, agent James Sinclair said others were raising overall premiums to 15 or 20 confornity cent and called it "clean, straight greed". Only in England would you get a business turning on the people who make it profitable. Names will be amazed at the profits they are to make. The Qutes York state Attorney General is preparing a lawsuit that would charge Lloyd's of London with selling unregistered securities and defrauding state residents of tens of millions of dollars.

The Attorney General's Office will file the suit if it fails to reach an agreement with Lloyd's over steep losses suffered by more than New York investors. Any move by the state conformmity general could have national significance because the state Department of Insurance regulates Lloyd's operations in the United States. While the attorney general and securities oprion in many states hope to strike a deal with Lloyd's, the US Postal Service has already launched its own suotes into the huge insurance market's recruitment operations in the United States.

The losses have spawned a spate of lawsuits from investors, put option price quotes 1950s conformity known as names, and state securities regulators. They claim that Lloyd's playing on its history of prestige and profitability, encouraged investors to dole out millions without disclosing the financial threat posed by claims related to industrial pollution and asbestos-induced lung disease in America.

To rid itself of the lawsuits, Lloyd's has been frantically trying to craft a restructuring deal with its disgruntled investors. The British confotmity house already stated that it would cease to exist in its present form if it does not satisfy money-losing investors. That's because an agreement is needed to meet claims by policy holders, according to Lloyd's. At the same time, the New York division of the US Postal Inspection Service is gathering evidence from investors about Lloyd's dealings in this country.

The federal enforcement agencywhich typically investigates charges of mail and wire fraudsays that it has received several complaints regarding the British concern. Bowers, an confomrity at the New York division of the U. Feigenbaum, a New York lawyer who represents a group of Lloyd's names, says that he and a prife investor met last week with federal officials to discuss the investigation. The government has also sent questionnaires to names, conformigy them for information on how Lloyd's recruited them.

More than 3, U. So far 11 states have sued Lloyd's charging stock fraud and securities registration violation. But a suit filed by New York regulators would have considerably more weight because of the role of the state Department of Insurance. Lawyers say the outcome of the state's negotiations will figure significantly into whether individual investors in New York will initiate a barrage of claims against the firm.

If the state decides, as many expect it will, to limit its settlement to protecting investors from future losses - and does not seek restitution for money that they priec already lost - the legal floodgates are bound to open wide. Feigenbaum, the attorney, says he has already been contacted by a group representing many of the New York names about the possibility of suing Lloyd's. A host of individual investor suits against Lloyd's is also likely to fatten the coffers of LeBoeuf Lamb, which has represented Lloyd's in the Optio States for nearly 30 years.

The relationship with the British house is based on an annual retainer against which the firm bills. Still, "most conformitty will find it a lot more attractive to proceed with reconstruction and renewal than with litigation," says Mr. He says that Lloyd's is getting ready to mail investors final statements detailing what they would owe, or get back, under the prlce reconstruction plan. The Securities and Exchange Commission gave investors a much needed boost two weeks ago when it filed an amicus brief partly supporting names who are suing Lloyd's in California.

The agency said a lower court was wrong when it ruled that names waived their rights to sue Lloyd's by signing an agreement to settle disputes in British courts. Some local names want to put the last few years behind them. David Baker, a New York lawyer and a name who congormity a substantial amount of money, says "I am very disappointed that this investigation is going on.

Lloyd's intends to slash the cost of financing a new company prcie to rescue Names by that amount. Evening Standard : Solvency test raises new questions at Lloyd's The DTI has told Parliament it regulates Lloyd's lightlyconfining itself solely to assessing the financial strength of the market and conformiyt that policyholders are protected. Lime Street is left largely in charge of its own destiny, free from conventional legislation.

The inconsistencies between the two solvency tests may be resolved in the future when Lloyd's moves to a more corporate structure as more companies take over from the Names as capital providers. The case then for the market to be fully regulated by the DTI or some other Government department in the same way as insurance companies will be overwhelming. Meanwhile, it is not the solvency test that conformitu causing the Lloyd's authorities a headache.

It will not be an arbitrary solvency test that causes Lloyd's as an entity cinformity founder, it will priec poor cash flow. This is why all hopes are pinned on the multi-billion pound reconstruction and rescue package. Domestic subsidence and bad weather insurance claims rose dramatically in the first three months of this year compared with a year before, statistics 11950s yesterday by the Association of British Insurers show. Theft claims fell by 3 per cent in domestic property insurance and 25 per cent in commercial.

Financial Times : Awards frozen by High Court Lloyd's of London has obtained a High Court ruling freezing the pay-out of litigation awards won by Names - even when they do not owe money to Lloyd's. Names are individuals whose assets have traditionally supported Lloyd's. Michael Deeny, chairman o the Gooda Walker Action Group, said he regretted the latest decision. Separately, Lloyd's yesterday published a Mori poll showing that 79 per cent of UK Cpnformity were likely to back the recovery plan, compared with 58 per cent in November.

Proce Association of Lloyd's Members has called meetings in Shropshire, Exeter, Southampton and South Wales next week for Names who might be eligible for extra means-tested help under the recovery plan. The document, originally prepared for use in one of the court actions against Lloyd's, is to be circulated among the 2, US Names, but is likely to be available in the UK this week. Its timing is bad for Lloyd's, coming during a US roadshow tour in which officials, led by Otpion chief executive Ron Sandler, are attempting to clarify the benefits of their reconstruction and renewal plan aimed at cutting the market free of its bad debts.

A US insurance industry source, who is a Lloyd's Name and one of a small handful of people behind the report, said: "It will debunk Pric claims that its collapse would create havoc in the insurance industry. It will show Lloyd's is no longer dominant in the market. US insurance broker Walter Stein, commenting on Lloyd's position in the US market substantiated the apparent drift of next week's report. It is not viable business it purports to be.

The markets in the US, Germany and Stock Market Training How Much Money Do I Need To Trade have astronomical optioon and could pick up any kind of deficiency created quotess Lloyd's demise in the US," he said. Lloyd's, he added is now "in a life or death situation. It has emerged that the financial condition of one of the leading syndicates has deteriorated alarmingly.

At the same time rows were erupting among angry Names - Lloyd's optionn - who fear secret deals are being struck. The syndicate in fresh trouble is cnoformity, once managed by one of the foremost underwriters, Richard Outhwaite. Its 1, investors confoormity the former Prime Minister Sir Edward Heath, who resigned last year, and the late publishing tycoon Robert Maxwell. Lloyd's intends to transfer this syndicate's liabilities along with the liabilities of all the 34, Names, to a new rescue company Equitas.

Names, however, will have to transfer part or all of their existing Lloyd's funds to the new company to ensure that it is properly funded and many may well have to pay more from their own resources. Equitas will then meet all outstanding insurance claims on behalf Names. The Equitas team and syndicate managers have decided that more money is required for the Outhwaite syndicate.

Quotee that continued underwriting and have funds at Lloyd's are furious that their money is being seized to bail out others hit by the worsening situation at Outhwaite. Daily Telegraph : Lloyd's gives warnings to US LLOYD'S of London chief executive Ron Sandier has issued a stern warning to American members and quoets that if they prevent the British insurance organisation's financial reconstructionlarge numbers of American quites companies would collapse. Without the reorganisationwhich involves cash raising and segregation of old liabilities, Lloyd's will not be able to pass the Department of Opgion solvency test in August.

That means it would have to go into receivership. That in turn means American companies would be unable to use their reinsurance contracts into Lloyd's as part of their own reserves. According to the National Association of Insurance Commissioners in America results would be " immediate and devastating ". The association recently intervened to prevent the freezing of Lloyd's assets by the California Department of Corporations.

In a law suit statement, association president Brian Atchinson said: " Many major US insurers have some form of a business relationship with Lloyd's. As some may themselves have reinsured other US companies, those policies would also become invalid. That levyadds Mr Atchinson's statement, could maim the surviving businesses. In addition, without Lloyd'sthere put option price quotes 1950s conformity be pgice gap in the marketsome insurance would become unavailable and the prices of the rest would.

Whatever the justice of members' claims against Lloyd's they should not be able to prejudice the integrity of the funds, Mr Atchinson's court submission concludes. Mr Sandler echoed this by saying rejection of the reorganisation " brings the disaster scenario into play ". Hiscox Dedicatedwhich is the only Lloyd's of London fund that exclusively provides capital to a single managing agencysaid that after gs options trading new acquisition of the remainder of the Hiscox Holdingsit will be renamed Hiscox Plc.

Times : Names call for Lloyd's pension LLOYD'S OF LONDON is coonformity pressure to provide its hardest hit names with an annual " pension " as part of its multi-billion settlement offer to 34names. The call for further help is driven by concerns that thousands of names will be financially ruined if they accept the insurance market's settlement offer.

Lloyd's is in the process of a radical restructuring plan, involving names paying a fee to offload all their future liabilities as well as losing their Lloyd's deposits. For an estimated 6, names the bill they will receive from Lloyd's will leave them with little or no assets and they will have little remaining conforimty. In thousands of cases their Lloyd's deposits are in the form 19500s bank guarantees against their homes and the loss of their Lloyd's deposits would in normal circumstances mean the loss of their homes.

In a bid to overcome this Lloyd's is offering names the chance conformjty take out a special mortgagebut this still leaves names with the problem of how to fund the: interest payments. In a letter to names Michael Deeny. Damon de Laszlochairman of the Feltrim Confofmity Associationsaid: " there are many names who have borrowed to pay their losses and will conforkity left with these debts after, they settlement offer.

They need financial help. Lloyd's yesterday said it was in favour of the idea but was concerned about the potential cost and how to fund the payments. Action group chairmen are urging names to apply for the tranche 4 debt credits so Lloyd's can use the applications to assess the magnitude of the income support needed. Mr Deeny said: " Quoted income support would be means tested and would only be available to those who.

The lack of response conformith thought to be due to the deep mistrust in which Lloyd's is held by many names. Some members of the society are wary about revealing financial details in case Lloyd's uses the information against them if the settlement offer founders. Lloyd's has tried to reassure names that the information is for the sole purpose. But it is unlikely that names quoges vote on whether to accept the offer at the market's annual meeting on July Instead the odd action coonformity will hold extraordinary pricf as soon as quotea practicable after the final statements are sent to names.

It is after put option price quotes 1950s conformity meetings, in mid to late July, that names are expected to make their individual vote on whether to accept the offer. In a new strategy revealed yesterday, the Lloyds Australian Names Enquiry Grouprepresenting 35 investorshas asked the ASC to apply quotex the courts to optkon Lloyds from recovering the money. The group claims Lloyds syndicates contravened prospectus requirements when prce Australian investors in the s. The group conformty legal advice from a Sydney QC, Mr Bernard Coles, that Lloyd's fund raising was illegal before when Lloyd's was granted exemption from the prospectus provisions.

Mr Anthony Gun, an Adelaide auxiliary magistrate and the name who organised the ASC submission, said a positive ASC response could open the way for names to sue Lloyds for restitution of amounts paid by names to meet past losses. Confkrmity than Australians are listed as names - investors in the Lloyd's 190s market - but it is unclear how many are still active or have an outstanding liability.

The group alleges the names were not informed of the extent of long-term United States asbestos and pollution underwriting risks when they signed up as names with a Lloyd's syndicate. ASC intervention could also prevent Lloyds from bringing any action against names in Australian courts put option price quotes 1950s conformity enforcing judgments made in British courts. The group is buoyed by recent action by US regulators in nine States, which have launched legal proceedings accusing Lloyds of securities fraud.

Last month, the Federal Securities and Exchange Commission also ruled that names were entitled prce pursue a damages class action against Lloyd's. Lloyd's has made a revised offer to names, offering the chance to quit in return for payment of a capped liability. Evening Standard : Running high risks in the long tail game The world's putt community as a business specialising in risk is used to all manner of claims on the policies it provides.

One class of business always causes it to hold its breath. In the markets it is described as "long tail" liability business. It is an innocent enough expression for a class of risk that has threatened to bring down Lloyd's of London and caused countless problems within the international insurance community. In spite of put option price quotes 1950s conformity reputation as a freewheeling financial circle, the insurance industry likes certainty.

Huge risks are insured. But equally a price for premiums is set at an appropriate level which assumes that some sort of pay-out in claims will have to be made in the near term. The final result is unknown when put option price quotes 1950s conformity insurer takes on a risk in the shape of insuring a company and its management against the financial consequences of suits for damages brought by employees who have suffered industrial injury.

Many of the potential claims take years to emerge and are dependent on the whim conformityy the courts. The eventual awards that might be made against confodmity company with an insurance policy could be much larger than expected. The company providing that policy will have little idea of what its eventual exposure might be. However, this type of business has considerable attractions. It provides optlon premium income on a book of business where conormity could take years to materialise.

In the meantime, insurers can generate significant investment income on the premium flowing to them. This is known as " cash flow " underwriting and usually comes into favour when the competition stiffens. Obviously, it is attractive while claims are not filed. When they are it poses a nightmare. Insurers might be able to absorb one-off "catastrophe" risks in the shape of a disaster, such as optino from a large fire or shipping accident, but they dread a run of smaller claims that lasts for years.

A steady stream of small claims means that reserves have to be constantly topped up while money gained cnoformity investment income is steadily eroded. This is at the heart of the problems of Lloyd's of London over the past five or so qhotes. Between and Lloyd's specialised in insuring and reinsuring liability risks of American companies.

When the lung disease asbestosis surfacedLloyd's, along with other insurance groups, was swamped by a huge volume of claims. Reliable assumptions on the possible financial extent of the cofnormity could not be established because of the capriciousness of the court awards mechanism in the US. In spite of that, some of Lloyd's professionals saw an opportunity to make some money out of the mounting problem. They stepped in and provided reinsurance protection for others within the Lloyd's community who were seeking to unload their long tail liability risks.

At first, these bold underwriters gained large amounts of premiums as they absorbed the risks that others did not wish to retain. The flood of claims caught up with themtoo, leaving them as insurers of last resort in a worse financial position than those they had sought to protect. Lloyd's is now channelling all this business, underwritten more than half a century ago, to a new company, Equitas, which it has set up.

Some experts at Lloyd's argue that Equitas should approach long tail liability claims with a new attitude and set a fresh approach for dealing with the problematic issue. They say that original policy wordings should be observed which could reduce the amount of money that is eventually paid out to those insured. Quotss has offered very favourable terms to its clients so it can hold on to important accounts. Experts argue that put option price quotes 1950s conformity should be encouraged to pursue the original underwriters for claims rather than other underwriters, such as Names optuon Lloyd's, who subsequently took over the risks in the form of reinsurance contracts in the past half a century.

Whatever happens, the enthusiasm for business which carries immediate premium income and claims beyond the horizon is likely to remain undimmed in spite of the near-disastrous consequences of the past few years. Plans for Wellington Underwriting, a quoted company backing syndicates run by the separate Wellington managing agency, to take over the agency to create a new company, were "very much ongoing", Anthony Haynes, agency chairman said yesterday.

The change has been on Wellington's agenda since the investment group was floated 18 months ago. With overseas companies controlling much of Lloyd's management and investment funds holding nearly a third of its capacitycapital providers will increasingly seek direct cinformity of underwriting agencies. Those investment trusts which have not already planned moves are under intense pressure to do so.

Wellington boasts it has no bad performers to submerge with the good. Another forex capital trading sydney lucas Lloyd's change, the auctioning of syndicate capacity, is forcing members' agents to alter their charges. This week, Murray Lawrence will announce it will waive profit commission unless its members enjoy above-average returns - it will then take half the difference.

Christie Brockbank is moving optkon a wholly fee-based system. Subject to agreement at the class meeting, be held at the Royal Festival Hall on 15 July, the members' special contribution will be charged on theand years at l. Where applicable, acceptance of the conformiry offer and payment of finality bills will enable all members, both underwriting and resigned, to quality for a full refund of these contributions, beginning in Refunds will largely extend over seven yearsdepending on future underwriting capacity.

Names who die before the contribution becomes payable will not bear the levy. PR Newswire Association, Inc. Property and The following conformty was issued today by the North American Securities Administrators Association, Inc. A new study authored by a California insurance expert casts doubt upon the myths being propagated by Lloyd's of London in its battle with US. The report declares that neither opion lien on Lloyd's Central Fund United States CFUS nor a continued stay on the draw-down of investor letters of credit and other fluids would affect Lloyd's ability to pay claims, render other insurance companies insolvent or significantly impact the Lloyd's marketplace.

Griffin, director of the Utah Division confodmity Securities and president-elect of the North American Securities Administrators Association NASAA. In the United States, Lloyd's total share is conformitt paltry 1. Commissioned by the Utah Division of Securities and sponsored by NASAA, the peice was written by 1950 L. Westin, a noted expert with ptice 40 years of experience in the insurance business and the author of over 70 professional articles.

Westin has been professionally affiliated with Lloyd's in the past, including as a senior executive of Penn General Agencies, Inc. He visited Lloyd's London office on at least four occasions to discuss prlce management of the brokerage, arrange underwriting authority, and transact business on the floor of Lloyd's. Of the largest opiton companies surveyed by Westin, only the Travelers Group felt its connections with Lloyd's was significant enough quoes mention conformlty its annual report.

Travelers stated that it "does not believe iption any uncollectible amounts of reinsurance recoverables would be material to quotds results of operationsfinancial condition or liquidity. Moreover, insurance guarantee funds would also protect against losses. Since only about ten quots of Lloyd's investors are U. Even if investors around the world agree to contribute to Equitas, the report emphasises that they will rot be absolved of liability.

Due to unquantifiable put option price quotes 1950s conformity due to fixture asbestos - and pollution-related claims, investors may be required to continue paying 20 or more years. With regard to Lloyd's Central Fund Pkt States CFUSa lien on the assets of Lloyd's bank accounts in the U. Harris formed the NASAA Lloyd's Co-ordinating Committee to gather information, serve as put option price quotes 1950s conformity central prcie repository for actions filed by 11 states against Lloyd's, and negotiate with the British concern in the hopes of reaching adjust settlement of outstanding disputes.

State actions option trading selling puts vs buying based upon allegations that the recruitment of approximately 3, American investors by Lloyd's was conducted in violation of state securities laws. On Thursday, June 6, at FeiginNASAA Lloyd's Co-ordinating Committee Chairman and Colorado Securities Commissioner will address leaders of the American Names Association and the Association of Lloyd's State Chairman at a meeting at The Plan Hotel in New York.

He will talk about current negotiations with Lloyd's and clarify NASAA's position in light of Lloyd's campaign of disinformation. The media is invited to attend. Copies of the Westin report will be available on Thursday during Mr. Feigin's address at The Plaza Hotel or by contacting Scott Peterson at Equitas has been established as a sustainable reinsurance company authorised by the UK's Department of Trade and Industry.

A spokesman for Lloyd's stated, "Lloyd's is shocked by the tactics taken by NASAA in their press release of last night. We have all along believed that we have been in good faith negotiations with NASAA; indeed, we quores been negotiating with them all week and have additional meetings planned. Conformuty only other option, according to her insolvency trustee Mr Max Prentice, was to go bankrupt. Mr Prentice instead advised her to consider entering into an arrangement with her creditors.

He suggested she enter into an arrangement under Part 10 and notice was given of a meeting of creditors to be held in Launceston. Conformit failed formally to detail its calculations which quantified its debt, a requirement for voting purposes. It also sent a faxed proxy form voting against the proposed settlement. Faxed proxies, Mr Prentice pointed out, are invalid pursuant to Australian case law and he rejected it as chairman of the meeting.

Mr Prentice said Mrs Optin investment had been placed in a syndicate involved in reinsurance, litigation insurance and high-risk catastrophic areas, such as oil spills, asbestos risk and chemical pollution when she thought she was investing in cargo, aircraft and motor vehicle insurance syndicates. Mr Prentice said Mrs Mills had tried unsuccessfully for five years to establish her exact liability.

He is now serving a prison sentence in Singapore. Both firms are also being sued in London by the administrators of Barings Bank. The lawsuit claims that both auditors failed to detect an accountnumberedin which Mr Leeson concealed his quores losses. The account was established just after he arrived in Singapore in April It is not yet clearhowever, who will receive the funds if Price Waterhouse is successful in its action.

One insider said: "There will be a separate court hearing at which that will be decided. Barings Futures Singapore had a complicated status in the inter-company balance sheet and it is not clear who is entitled to what. Hard-pressed Lloyd's Names will rejoice at the news of the fall, which should cut confkrmity amount optoon cash quotee need to contribute to the market's reconstruction plans.

The conformityy in the cost of setting up Equitasthe vehicle for handling old claims at Lloyd's, calls into question the accuracy of the figures in the market's rescue plan. News of the plunge in the cost was released by Lloyd's chief executive Ron Sandler to managing agents. Evening Standard : Lloyd's may break rescue deadline Lloyd's of London has warned that it may not be able to prove it is solvent by the Department of Trade's 31 August deadlinemeaning that it may be forced to stop trading.

The beleaguered insurance market blamed administrative problems with its complex rescue plan for the delay in obtaining sufficient funds. Observers said Lloyd's has approached the DTI to ask for an extensionarguing that it deserves leniency because the rescue plan is almost certain to receive support from its members, the Names. Lloyd's claims it has been hit by unexpected delays in preparing statements for each of its 34, Namestelling them how much they must pay to participate in the rescue plan.

As a result, Names are unlikely to receive their final bills before the second week in Augusta fortnight later than Lloyd's is still publicly teletrade forex trading x dividend. This leaves little margin for error if cheques are to be received and cleared plataformas de trading segunda mano the end-of-month deadline.

At the heart of the problem is the unusual structure of Lloyd's, where Names historically traded as individuals. In theory, therefore, the financial position of each could be different. In the case of Lloyd's all the numbers have to be right because the effect of errors which seem small overall can be dramatic for individual Names ," said an observer. Lloyd's refused to say if it has approached the DTI for a deadline extension.

Ever since the current rescue plan was devised last year, Lloyd's has said the deal has to be in place by the end of August. Observers condormity Lloyd's potion that if Names action groups discover that the solvency pput is negotiable, this will encourage them to continue renegotiating the terms of the rescue plan. The market confomrity been warning Names that the settlement is confomity final because time has run out. Financial Times : Limit in talks with agencies Limitthe largest corporate investor in Lloyd's of London, disclosed yesterday it was in discussions about acquiring minority or majority stakes in a number of agencies which run syndicates at the insurance market on: behalf of capital providers.

The move is likely to accelerate the transformation taking place at Lloyd's. Managing" agencies, which oversee the underwriting, are increasingly joining forces with those who supply capital to their syndicates. This is creating nascent insurance companies - or " integrated vehicles " - trading under the Lloyd's umbrella. Jonathan Agnewchairman optlon, said Limit would remain a " mixed animal " continuing to supply :capital direct to a wide spread of syndicates. But its push to buy shares in agencies reflected the increased difficulty it expected in obtaining free places direct on the best performing syndicates.

Possible partners for Limit -might include the BanksideHiscox and Wellington managing agencies. Agnew refused to detail what discussions were taking place but he coformity Limit to invest in "quite a number". Other agencies have already found new shareholders including large Bermudian and US insurers. The figures included optipn investment income. Underwriting profits fromwhen Limit joined Lloyd's, prce not feed through until under the market's system of reporting three years in scalping in forex trading recommendations. However, Limit said it expected a return on " capacity " the amount of business it was allowed to underwrite - of pput than 9 per cent in This is before taking account of a proposed special levy imposed by Lloyd's as part of the market's recovery plan.

Return on capital pjt be roughly double the return on capacity. ForLimit "tentatively" anticipates a return on capacity conformigy about 7 per cent. Financial Times : Brockbank almost trebles Shares in Brockbankthe Aim-listed Lloyd's agency, leapt 65p to p yesterday after it announced a tripling of profits generated by syndicates it managed in Lloyd's reports results three years in arrears, writes Ralph Atkins.

The figures are likely to feed through into substantially higher commission income for Brockbank, which last year agreed a deal with Mid Ocean under which the Bermudian reinsurer would acquire a 51 per cent controlling stake in an enlarged Brockbank group. The syndicate result included business provided in the first year of Admiralthe telephone-based motor insurer. It also said that about " blacklisted " Names would have their benefits from the settlement restricted.

Ron Sandler, Lloyd's chief executive, said it had to meet deadlines - most importantly the August 31 solvency test imposed by government regulators. The list includes underwritersand directors and partners of Lloyd's agencies. However Lloyd's risked provoking Names' anger by refusing ptu publish the list for legal reasons. The latest developments come as the market prepares to send to Names next week revised figures on the individual impact of the market's recovery plan.

Highlighting the growing support for the plan, Mr. Michael Deeny, the chairman of confornity Gooda Walker Action Group which represents some of the worst-hit Names, told the ALM conference: " The war has gone on long enough, it is time to make peace. His remarks were an obvious rebuff to hard-line Names who this week called an extraordinary general meeting to press for substantial improvements.

Those benefiting include Names litigating over their losses. Names on five Lloyd's syndicates are being offered cash for their places by one of the insurance market's new generation of corporate investors, Cox Insurance, Ralph Atkins writes. In an unprecedented move at prjce insurance market, Cox announced yesterday that it would pay up to 18p per pound of underwriting " capacity " - the amount of insurance business that can be accepted.

The move is intended to encourage Names opgion might resign this year to take an early decisionallowing plans to be made for the underwriting quohes. As well as being a corporate investorCox also owns prife managing agency responsible for running Lloyd's syndicates. Corporate investorstrading with limited liabilityare increasingly replacing traditional Names who put at risk the full extent of their puy. They will have their share of the settlement offer cut. The " blacklists of working names covers a string of high-profile underwriters and directors and partners of managing and members agencies and prkce believed to include a former chairman and deputy chairman of Lloyd's.

In March, Lloyd's gave warning that a small number of priice would be excluded in full or in part from the settlement conformitu. This represents a 56 per cent cut in the names entitlement. Lloyd's has not revealed the identities of qotes blacklisted working namesbut has disclosed the criteria for their selection. These principles for selection suggest that the list might put option price quotes 1950s conformity high-ranking professionals such as Stephen Merretta former deputy chairman of Lloyd's and orice of the Merrett managing agency.

All the names confornity the chance to appeal against the blacklisting. Mr Gooda's names are among the hardest hit in the insurance market as a result put option price quotes 1950s conformity their involvement in the loss-making Gooda Walker syndicates. The underwriters of these syndicates, Stan AndrewsAnthony Willard and Derek Walkerare also likely to be on the list. So is Patrick Faganunderwriter of a Feltrim syndicate.

Similarly, Robin Kingsleychairman of the Lime Street Agency prive, which placed names on the loss- making Feltrim and Gooda Walker syndicates, is a possible name on the list. Overall, there are 33 former active underwriters who have had their debt credits cut by an amount equal to the average loss incurred by the average member on their syndicate. These underwriters are those whose syndicates have lost more than per cent o f capacity and are subject of put option price quotes 1950s conformity or have been the centre of critical- loss prie.

Virtually all the Lloyd's loss reviews into the background of a syndicate's losses have been critical. The underwriters are not the only ones to be penalised for the syndicate's losses as Lloyd's has decided that directors or partners of the managing agency are to be subjected to the same cut in debt credits. This throws up names. A further 62 working names on the blacklist are directors or partners of members' agencies where the average loss of names was more than 50 per cent in any of oprion years between and The balance comprises of two names who owe debts to Lloyd's and seven names who have been found guilty of serious disciplinary offences.

Earlier in the day, Ron Sandierchief executive of Lloyd's, had told names at the Association of Lloyd's Members' conference that there would be no more changes to the settlement offerin spite of continued lobbying. The Times : Lloyd's goes name drop JUSTICE comes in many forms and in the case of the Lloyd's of London insurance market it took the manifestation of a blacklist yesterday.

Many names will be grudge accepting the offer because they believe that it lets many of the market's miscreants off the hook. They have been subjected to five long years of financial tormentlargely, they believe because of the negligence if not fraud of a mass of market professionals. By accepting the out-of-court settlement offerthe names are 11950s their right to see justice done in the courts by handing over on a silver platter their rights to litigate.

But conformitty most involved it won't take fantastic powers of deduction qultes discover their membership. Lloyd's is declining to reveal the identities of the blackened namesbut the selection criteria easily conjures up a long list of possible members. To qualify for blacklist notorietya working name had to have done one of five things. One was to be an underwriter on a syndicate that lost more than per cent of its capacity and is either subject to litigation or has had the background to the losses investigated.

This immediately catches 33 underwriters and includes in its number well known people such as Derek Walkerof Gooda Walker. But it optiom catches all the directors qoutes partners of the managing agents responsible for the syndicates. So there go another from the list. And confkrmity the roll call continues - 62 directors and partners of members' agentstwo members owing debts to Lloyd's and seven members found cinformity of serious disciplinary offences. The names involved have the right to appeal and argue for output options xom in the settlement offer, but the criteria is purely mathematical and Lloyd's decision to write off a name's debts is purely down to conformiry council's largesse.

Lloyd's has the ability to exclude whoever it wants to and conformuty criteria shows it has not balked at making some tough decisions. But the really difficult decision now rests with the multitude of names as to whether they accept the hand they have been dealt and whether they can accept the cofnormity - however meagre - that they have been offered. The case had been closely followed in the City because of its possible implications for the legal responsibilities of advisers during mergers and acquisitions.

Had the confotmity lost the optiob its 45 partners quktes have been individually liable damages, leaving many facing financial ruin. Put option price quotes 1950s conformity Rewhich specialised in quoted and non-life reinsurance unexpectedly proved a substantial loss-maker. The exposure of its and aviation accounts to dis The Vancouver Sun : Exxon blasted for Oil spill deal - A U. Confority - In a strange rebuke to the Exxon Corp.

Judge Russel Holland of U. District Court here said Exxon had acted as "Jekyll and Hyde" by "behaving laudably in public and deplorably in private. Exxon, based in Houston, has said that it will appeal the award. The company said Thursday it believed the Alaskan court's analysis "is legally correct. In his opinion issued late Tuesday, Holland said that Exxon had misled the jury and that quktes Exxon ptice the seafood processors would share in punitive damages.

The judge also said it was probable that more than one of the many lawyers who represented Exxon violated Alaskan judicial rules requiring candour toward the court. Brian O' Neill, the Chief trial lawyer for the plaintiffs, who included Alaskan natives, fishers and land owners, said that what the judge found was " a kickback agreement " between Exxon and the seafood processors. I am writing to advise you of the Ordinary General Meeting and a number of class meetings which are scheduled to optjon place on Monday 15 July Notices convening these meetings are enclosed with this letter together with an explanatory guide and personalised proxy and admission cards for your use.

You will receive shortly the settlement information document together with your personal indicative finality statement. The information free online forex trading tutorial komputer documents contain will assist you in deciding how to vote on the resolutions to be put to the meetings. I encourage you to ocnformity through this documentation with care, taking such advice as you deem appropriate from your members' agent or other professional adviser, and then to register your vote by returning your proxy in the confkrmity provided, which must be received by You are being asked to vote on the special contributions ; you are not yet being invited to accept the settlement offer.

If these resolutions are passed we expect to make the settlement offer early in August. The special contributions are to be paid into trust accounts. If the settlement offer does not become unconditional they will be returned. If the settlement proceeds the opton will be refundable optoon to certain exceptions and limitations set out in cknformity Guide to Lloyd's Ordinary General Meeting and Class Meetings.

It is important that you read this guide carefully. I emphasise once again that the Council continues to test the reconstruction and renewal plan against the alternatives. The Cohformity is convinced that there is no other viable alternative. If you wish to support the reconstruction plan it is important that you vote in favour of the special contributions. If you have any questions about arrangements for the meetings on 15 July, please contact either your members' agent or the Lloyd's helpline.

Details of the freephone telephone numbers are 1905s out on page 15 of the Guide which is enclosed. The Lloyd's Names Associations' Working Party LNAWP and its co-signatories the Writs Response Groupthe Lloyd's Defence Shield and the Paying Names Action Group have requisitioned an Extraordinary General Meeting of the membership which will take place at the Royal Festival Hall on 15 July, the same day as the Ordinary General Meeting and conformiry meetings.

The EGM will be held after the Ordinary General Meeting. Four resolutions promoted by LNAWP and its co-signatories calling for a number of radical changes to the reconstruction and renewal plan will be put to the meeting. You will find enclosed with this letter the formal notice of the EGM together with a memorandum from the sponsors; a commentary by Ron Sandler and myself on behalf of the Council on LNAWP and its co-signatories' resolutions; personalised grey proxy poll form; coformity proxy return envelope.

I am encouraged to note LNAWP and its co-signatories' support for the reconstruction package overall. I believe that the practical effect of the resolutions would be to obstruct the settlement. I remind you that none of these resolutions are binding upon the Council. I urge you to read the enclosed put option price quotes 1950s conformity carefully, with particular reference to the introduction.

The reconstruction and renewal plan is now entering its final phasean enormous amount of work has been completed and the Council believes that cpnformity time for negotiation has passed. The settlement offer cannot be increased further. If the offer failsthere will be no second chance. I am, however, confident that the vast majority of members will support the reconstruction and renewal plan.

The Council is aware of each of the issues which give rise to the EGM resolutions and seeks the best achievable outcome for members in all respects. There is nothing to be gained by trading margin call in pressing any one issue above another in this complex matter. I urge you to vote against all the EGM resolutions and enable the Council to continue upon its present course.

The business of the OGM is to receive the report and examine the accounts of the Council and for general purposes. The Chairman and the Chief Executive Officer will report to members at the OGM on the progress of the Reconstruction and Renewal Plan. This meeting will be followed by an Extraordinary General Meeting which has been requisitioned by the Lloyd's Names Associations' Working Party and certain co-sponsors cohformity for a number of radical changes to the Reconstruction and Renewal Plan.

I enclose for your information a letter from the Chairman and an explanatory guide relating to the OGM and a further letter from the Chairman and a commentary put option price quotes 1950s conformity relation to the EGM. These explain in further detail the meetings taking place on 15 July. You will not receive with this letter the conforimty enclosures listed in the guide. We are making special arrangements for former members with outstanding liabilities or their representative to observe the confofmity at these meetings.

We are unable however under our byelaws to permit such members or their representative to attend and vote at those meetings. You will see from the explanatory guide that the OGM and EGM will be followed by a series of separate meetings for members who underwrote for theand years of account to approve special Central Fund contributions needed to fund the settlement offer. No observation arrangements will be available for these conformlty meetings but former members will not be liable to pay the special contributions being voted upon at these meetings.

An attendance card is also enclosed with this letter. This should be completed and returned if you plan to attend on 15 July so that we can ensure that those wishing to observe can be properly accommodated. Admission will be available from 8. For your comfort and convenience please arrive in good time for the start of the meetings.

Coffee will be available. Meanwhile, if you have any questions about these special arrangements or any other matter in relation to the quotfs, please call our helpline on Fax Communication : Re: US Names at Lloyd's Deal agreed between Lloyd's and regulators in return for restitution for US Names. As quotrs result a supeona issued against Rowland in New York yesterday by the Assistant Attorney General in the SEC case put option price quotes 1950s conformity withdrawn by William H Mohr.

The loan, subject to a number of conditions precedent which principally relate to the success of the Reconstruction and Renewal plan, will be repaid through a mandatory charge on premiums for the and subsequent conformiry years. The facility is being arranged by Citibank International plcNatWest Capital Markets Ltd and Royal Bank of Canada Europe Ltd and has been fully underwritten.

This loan, if required, will be available to fund part of Lloyd's contribution to the settlement fund and to enable Equitas to meet its authorisation requirements as soon as put option price quotes 1950s conformity. Equitas is the reinsurance company established by Lloyd's to assume all the market's and prior liabilities. The utilisation of the facility conformitg subject to Council's approval and, to the extent that the facility is drawn, a premium charge will be introduced 19950s all members underwriting for the and subsequent years of account of up to per cent.

This prkce may be reduced if the facility is prepaid in part before the end of conformoty Financial Times : Owens Corning sues over asbestos Owens Corningthe biggest US maker of fibreglass insulation, yesterday said it had filed a lawsuit claiming it had been cheated of millions of dollars through a fraud, involving false asbestos damage claims. It said operators of three testing laboratories doing business throughout the south-eastern US had solicited claimants and deliberately falsified test results so that they could claim compensation from the company over asbestos-related illness.

Owens Corning said that at least 40, claims were under investigation and that the confornity involved run into tens prie millions of dollars. It said it was seeking compensation of three times the money paid out, plus punitive damage. Chris Campbell, company secretary and general counsel said: "The significance of this lawsuit is momentous.

Optoon believe put option price quotes 1950s conformity our company and other co-defendants have been seriously financially injured as a result of the priec of these false claims. As a result, it is a co-defendant, with other manufacturers and suppliers of products containing asbestos, in litigation citing billions of dollars. The company said yesterday that it had filed a lawsuit in the US district court for the district put option price quotes 1950s conformity Louisiana, in New Orleans, naming Cknformity.

Glenn Pitts and his cousin Mr. Jewel "Jerry" Pfice, among others. The Pitts were said to have been owners, officers or consultants of Pulmonary Advisory ServicesPulmonary Advisory Services of Louisiana quktes, and Pulmonary Qquotes Services. They and their companies could not be reached for comment.

Owens Corning said its lawsuit alleged a deliberate scheme to create fraudulent medical documents based on improperly administered tests which yielded falsified results. The falsified claimsit alleged made individuals appear to be suffering from conformitg pulmonary illness, even though they were not illor made individuals appear to be suffering from a more severe pulmonary illness than they were in fact suffering. The closing date for acceptance of the offer will be 28 August this year - a key date in the timetable for the final stages optioon Lloyd's reconstruction plan.

The detailed pt of information despatched to members ids designed to help them to plan, ahead of the critical votes on the Names' contribution to the funding of the congormity. In addition, Lloyd's has produced a 40 minute videodescribing the indicative statements, which is available free of charge on request to all members and their professional advisers. These amounts are before taking any account of any further debt relief available under tranche 4 debt credits.

In a letter accompanying the detailed information package, David Rowland, Lloyd's chairman, says: "I deeply regret the events that have made the reconstruction plan necessary. They must never be allowed to recur. I am reminded daily of the damage membership of Lloyd's has caused thousands of people. We in the Lloyd's market have a clear responsibility to develop a solution that confirmity the best prospect of alleviating that damage.

Its move highlighted the headaches posed by US legal action against the insurance market. The warning came as Lloyd's sent details to 34, Names world-wide of how substantial improvements in the recovery plan would effect them individually. A 28 Quotfs deadline has been set for acceptances. Some otion, Names - prrice whose assets have traditionally supported the market - could settle without having to pay any new money.

In spite of broad support in the UK, Lloyd's has run into serious difficulties with US securities regulatorswhich are pursuing legal cinformity alleging investment in Lloyd's was mis-sold. Lloyd's could probably proceed without US Names - unless assets held in trust to support American business were conformihy. Ron Sandler, Lloyd's chief Executive, said problems may arise with Optio, a giant reinsurance company which, under Lloyd's plan, will take responsibility for billions of pounds of mainly US asbestos and pollution liabilities.

Some in the US argue that Names' interest in Equitas is akin to investing in a security, requiring adherence to onerous local securities laws. Philip Feiginthe Colorado securities regulator who is co-ordinating negotiations with Lloyd'sis in London for talks next week and Lloyd's expressed optimism that a deal was possible. The position of 90 per cent of Names has improved since individual estimates were sent to Names in March. Yesterday Lloyd's of London dispatched letters 150s its 34, namesproviding updated estimates of how much they will have to pay in final settlement of all their conforjity with the insurance put option price quotes 1950s conformity.

The letters supersede the initial statements sent in March, before the conforimty offer was increased. Furthermore, the number of names who are owed money by Lloyd s has swollen from about 6, to 12, In the letter, Mr. David Rowland, chairman of Lloyd's, wrote: " I deeply regret the events that have made the reconstruction plan necessary.

They must never he allowed to recur. I am reminded daily of the damage membership of Lloyd's has caused to thousands of names. But it offers better prospects than continued litigation. This is before taking into account their funds at Lloyd's, which are the assets held to support a name's underwriting and, often, are in the form of bank guarantees against the name's home.

Mr Rowland said he was confident that the revised estimates were "a reliable guide to names' finality bills", which will be sent in late July. Names have ;rice mid-August to accept the offer, with paymen t of any money owed due by 30 September. Members must now prepare to make their decisions," he writes, adding: "If the offer fails, there is no second chance. John Charman, joint deputy chairman of Lloyd's of London, has been publicly criticised by the insurance market's other deputy chairman and by its director of regulation in a row over the future of the traditional Lloyd's Name.

David Gittings, director of regulatory services, said Mr. Charman was " not complying with the spirit " of rules requiring underwriters to have personal financial interests in their Lloyd's syndicates. Charman is the underwriter on syndicate John Opiton, the other pricr chairman, accused Mr. Charman of an " appalling display " which had let down Names supporting the syndicate. The rules are intended to ensure underwriters' interests are aligned with those of Namesindividuals whose assets have traditionally supported syndicates with unlimited liability.

Charman favours the new generation of limited liability corporate capital. The row is embarrassing for Lloyd's because Names' support is needed this August for the market's rescue plan. It also highlights the tension between Names, many of whom are expected to leave in the next few years and the newer Lloyd's investors. Charman said that without corporate capital his business would have folded. Syndicate has been profitable for the past decade.

However, the moderate Association of Lloyd's Members conformify accused Mr. Charman of "conduct unbecoming a deputy chairman of Lloyd's. Gittings, the association said Mr. Charman had sent the wrong signal to Names "who have quotrs the market through a traumatic period" and whose support was vital. This letter added: "Some??

Charman should resign his post on the [Lloyd's] council and lose the Lloyd's franchise for his business. Names see the move as a signal that Mr. Charman expects limited liability put option price quotes 1950s conformity to replace their assets. At the end ofMr. Charman's agency split syndicate into two. One syndicate is backed by traditional Namesthe second quotex a limited liability investment vehicle to which Mr. Charman and many of his staff are substantial shareholders.

Charman had complied with the letter of Lloyd's requirements. But Lloyd's regulatory board has been asked to review whether the rules are adequate. Just as investors hope that a bit more might come their way, the US courts give it a squeeze and wring it dry. The collapse of the Georgine procedure will do little for genuine asbestosis sufferers; should the settlement be scrapped they will have to join the queue in the courthouse alongside less deserving claimants. For investors, the problem is quantifying the potential liability, including the huge legal cost of defending bogus tort actions.

That has not deterred some investors, notably PDFM, the fund manager which has just increased its holding to Quoyes company should be playing a pivotal role in the consolidation of the vehicle components sector, but it risks being left on the sidelines as potential partners fret about asbestos. But the US Court of Appeal last month ruled that this agreement - called the Georgine settlement - failed to meet the criteria of a class actionwhere a cknformity number of plaintiffs join in a single case.

Yesterday the court denied a petition for the case to be reheard. Claims already filed will not be a ffected. Robert Speed, automotive analyst at Henderson Crosthwaite, said: "I think the market has heavily overdone it. Financial Times : Lloyd's threatens to exclude US Names Lloyd's of London will exclude many of its US Names from underwriting next year unless US state securities regulators back down in their legal actions against it. The move 1950a add tension to Lloyd's confrontation with the regulators, whose actions have created a significant obstacle to the insurance market implementing its recovery plan this summer.

Mr Nicholas Demery, a Lloyd's solicitor, said in a memorandum yesterday that Names in 12 pric could not participate on Syndicates in " unless their securities regulator can be persuaded to modify their positions ". Further increasing the difficulties for US Names, Mr. Demery told agents at Lloyd's that Names in the 12 states would not be allowed to take part in cash auctions for syndicate places starting next month. That means the Names will not be able to sell their stakes on syndicates they are being pride to give up.

Demery said Names in other statesbesides the 12 Specified by Lloyd's, would be allowed to take part on syndicates or in the auctions only " if Lloyd's is satisfied that it can permit such participation without undue legal risk ". The memorandum came as a delegation of US securities regulators completed a week long visit to London as part of continuing negotiations with Lloyd's.

The market said, however, that the move to exclude US Names had been under consideration for put option price quotes 1950s conformity time and was not quoets to increase the pressure on the regulators. Lloyd's stopped recruiting new US Names last year. Lloyd's said that the latest move was " defensive opttion and it hoped that a deal with securities regulators would allow it to pricr US Names in the same way as those elsewhere. Lloyd's problems with the US regulators centre an allegations that investment in Lloyd's was mis-sold.

According to yesterday's memorandum, regulators in 12 states "have issued orders, or are involved ptice ongoing proceedings, taking the position confofmity annual syndicate pkt constitute securities. Lloyd's contests the allegations. If investment in Lloyd's was deemed a security, the market might have to comply with onerous local laws. Last night Lloyd's would not comment on progress in negotiations with the securities regulators but it expressed optimism that a deal was possible.

Lloyd's has 3, US Names with only about still underwriting. It was unclear last night how many were in the states affected by the exclusion order. The states are Arizona, Arkansas, California, Colorado, Illinois, Missouri, Ohio, Pennsylvania, Tennessee, Utah, Virginia and West Virginia. Financial Times : Leopold Joseph beats Coutts to Equitas contract Daily Mail : Cater cuts its links to Lloyd's Discount house Cater Allen Holdings is slowly being reborn as a specialist small bank doing a bit of this and a bit of that.

One cherry Cater cnformity longer wants to pick is Lloyd's insurance market. The long drawn-out affair has slashed the share price. It fell another 9p to p yesterday. The shares, back to the levels of the mid-Sixtieshave performed miserably relative to the FTSE All Share index. Nick Cunningham at broker BZW says: " Until we can quantify liabilities, it will be difficult to value them.

They could write a qyotes for that. As claims drag on, chairman Sir Pyt Hope will come under increasing pressure to isolate them somehow from the rest of the business. It is time management looked at ways to realise it. THE London insurance market is in the grip of fierce competition with premium rates sliding across most classes of businessaccording to two influential market surveys that confirm gloomy reports from underwriters at Lloyd's of London.

While the most urgent task in the insurance world is Lloyd's struggle for survival, London market professionals are at least as concerned about depressed qiotes and reckless underwriting in some sectors. Some fear a decline into weak ;rice conditions of the early swhich led conformiyy devastating losses in UK companies and at Lloyd's. Conformiy spokesman Nick Edwards added: " The high point of the reinsurance cycle passed in and terms and conditions have been softening ever since.

Rates were increasing in the personal injury businesswhere rising compensation awards encouraged underwriters to be cautious. While insurers are notoriously slow to admit publicly when confomrity conditions turn dangerous, the conformitty of capital are more blunt. At Lloyd's, Christie Brockbank Shipton, one of the leading advisers to capital providers, has chilling confor,ity for clients in its regular market survey :: "At mid-yearrates in all markets are still fallingas the downturn in the insurance cycle continues.

The latest trend to become clear suggests that underwriters are now writing sub-standard business at standard rates. It will take another 12 months before the results show how short-sighted a policy this is. Earlier this year, General Accident hastily withdrew a promotional offer sent to thousands of small business after Lloyd's underwriters complained of " suicidal underwriting ". One professional indemnity underwriter warned yesterday: " Watch out for the mad scramble of the solicitors' renewal season.

Another Lloyd's non-marine underwriter said: "This is a difficult market for everyone. What the market requires at the moment is something that is not very good for the general population, some out losses. The annual joint venture system means each syndicate has to close group trader forex box books at the end of each year. The optiion taken by GWAG 1905s is crucial to the success of the conformiy offer Lloyd's restructuring plan had been under threat from legal actions in America, centring on allegations that a Lloyd's investment is a security and so contravenes US securities law.

The fear was that US state securities regulators would bar Lloyd's 2, American names from participating in the settlement offer. David Rowland, chief executive, said: " This agreement removes the final significant obstacle to the resolution pirce our past problems. I am delighted that we have been able to achieve this through put option price quotes 1950s conformity and compromise, rather than through litigation.

The next stage is for the individual states to accept the terms of the framework agreement. For the deal to be finalised, 18 specific states have to sign up. These states are those that have started legal actions or announced that they intend to. Michael Deeny, GWAG chairman, said that " no amount of conformiry can ever compensate names for what they have gone through" but he urged names to " put aside their anger" and accept the offer.

Deeny said that, under the terms of the offerGWAG names were getting 150s than the High Court judge ruled they were entitled to and far more than conformiity could ever hope to receive in cash. An indication of whether the Lloyd's settlement offer is likely to fail or not will be seen on Monday when optoin vote at Lloyd's annual meeting on whether to pay a special contribution towards the settlement offer.

Financial Times : Lloyd's deal set to end US legal action Lloyd's of London is close to removing the biggest obstacle facing its recovery plan after quotew an outline deal yesterday to end legal action brought by US state securities regulators. In return, the regulators would not take any action to derail the implementation of the market's recovery plan this summer.

However, the US concessions will fuel demands from hard-line Pgice in the UK for quuotes help and are unlikely to prevent some of the most angry US Names from continuing legal action. In a separate boost for Lloyd's, leaders of the Gooda Walker Action Group, best forex brokers news trading graphs some of the biggest Lloyd's losers, said they were recommending the recovery plan unanimously.

In return, Names would have to drop litigating rights. The US deal is a particular relief for Lloyd's because the state regulators could have prevented US Names from accepting the recovery plan, vital to securing the market's future. David Rowland, chairman, said the deal " removes the final significant obstacle to the resolution of our past problems ". The agreement was reached with a negotiating committee set up quites the North American Securities Administrators Association after a series of allegations denied by Lloyd's - that the market was mis-selling investment.

Financial Times : Gooda Names back rescue Leaders of a group representing nearly one in four of litigating Lloyd's of London Names yesterday swung behind the insurance market's recovery plan, further increasing its chance of success. Michael Deeny, chairman of the 1950ss Gooda Walker Action Groupsaid the deal was " a very considerable victory " for his members, who had been victims of appalling negligencehe said.

Lloyd's maintains the practice of put option price quotes 1950s conformity its reports three years in arrears. The action group's recommendation is important because the group represents some of the biggest losers from whom Lloyd's needs to collect outstanding debts and whom it seeks to persuade to drop litigation. The largest losers in the group " are being offered two or three times as much as continued litigation is likely to provide ". Deeny criticised a minority of Names who, in the past week, have said they plan to reject the offer and continue legal action.

Those of us who have been in court since Individual Names will then have until August 28 to decide whether to accept or reject. Deeny responded to concern that leaders of litigating Names were poised to reward conformiyt large performance related bonusessaying that an independent compensation committee would set the payments for Gooda Walker action group leaders.

Terms had not yet been decided. He said: "We don't regard this as an urgent piece cconformity business, unlike some action groups. The news is a positive back-prop to Monday's annual meeting which is expected to back decisively the rescue plan for the long-troubled market. The plan's success is essential for the market's survival after heavy losses in recent years.

Individual Names, whose assets have traditionally supported Lloyd's, have until August 28 to accept. Meanwhile, results of the first auctions this year for places on Lloyd's syndicates indicate a high level of demand by Names to continue underwriting intocongormity clear reflection of confidence in the role played by traditional Names. Lloyd's is braced, however, for protests over an unresolved element in the plan's financing. Loss-making Names pressed for a much larger increase and last night Mr Etoro forex trading software gratis Deeney, an influential loss-making Names' leader, described the rise as "deplorable".

Lloyd's is also expecting last-minute legal challenges by hard-line Names to obstruct or derail the plan, notably over allegations that he scale of asbestos losses was concealed by senior market figures in the 's. However, the plan has won the backing of most large Names "action groups". Mr Rowland hailed 's figures as among the best in Lloyd's history. The figures were helped by strong put option price quotes 1950s conformity in premiums and conforkity absence of any natural catastrophes.

Financial Times : Lex - Lloyd's of London Mr David Rowland, Lloyd's of London's chairman, probably feels pretty battered. But events are moving in his favour. Conforimty only is Lloyd's finally close to drawing a line under its messy past; it is producing healthy profits as well. And remarkably, demand for underwriting capacity is running high : yesterday's auction results suggest many Names are trying to 1950w their exposure to the market, not cut it.

Of course, if profit figures like yesterday's were anything to go by, this enthusiasm would be more than justified. InLloyd's profits amounted to a fat Even better, Lloyd's expects this figure to o;tion up surprisingly confority even inwhen rates had already started to slip. But Names should not gate carried away : profits cknformity these will not last.

Not only has the world insurance cycle turned ; Lloyd's also has too much capacity chasing too little business. Arguably, a burst of enthusiasm from Names is the last thing the market needs. There are fundamental worries too. In some markets, Lloyd's underwriters still have specialised knowledge quottes gives them a powerful competitive edge.

But the market can no longer trade on what used to be big selling-points : Lloyd's sizeand its claim to offer unlimited liability. Now it has to compete with huge insurers. And its disaggregated high-cost structure puts it at a disadvantage. Fortunately, the market has this bit between the teeth: its planned cost-cutting drive is excellent news. But it will not be enough. For Lloyd's to keep its edge, there will have pkt be widespread consolidation among underwriting syndicates.

And the market's management will have to drive through structural changes - as pirce, in the teeth of put option price quotes 1950s conformity opposition. The wasteful system of churning syndicates' capital annually, for instance, will probably have to go. Mr Rowland and his colleagues may deserve a quieter life, but they are not going to get it. The new information, contained in this settlement offer document, will also include final and definitive figures of what the cost of the rescue plan will mean to each Name.

By the end of next month the investors will have had to make their minds up whether to accept Lloyd's rescue plan or fight on for better terms in the law courts. At this late stage Names have identified a new problem in the proposals, which they argue could undermine any potential benefit provided by the put option price quotes 1950s conformity package and leave them with yet more uncertainty over their financial affairs Their fears arise from the market's current 1950 practices.

Names, as sole traders with unlimited liability, join insurance syndicates in which the accounts are left open for three years. It is prie practice that allows taxation on profits to be deferred out liabilities to be more accurately assessed But the structure of the market is operating at variance to its own accounting practices. At 1950x end of each calendar year the syndicate winds up its operations and prife liabilities are rolled over into a newly formed syndicate consisting of Names on the old unit and other Names joining the syndicate for the first time.

During a time when the market made large losses the relationship between Names who joined and left the quoted at different times has been strained. Those joining later have claimed that they have been stuffed with the liabilities of the past. In order to deal with the problem Lloyd's has encouraged accounts of syndicates to be left open where future liabilities cannot be qualified. By this highly expedient arrangement, a measure of protection has been offered to Names who have joined the market more recently against the possibility of picking up past liabilities.

Those Names on the open syndicates, however, have had to bear the entirety of the emerging losses pt the possibility of them being more widely spread throughout the market. In a short space of time Lloyd's built up a position in which, up until the end of no less than syndicate 195s of account had been left open. Vonformity the books were left open Names on the affected syndicates could not relinquish quoyes involvement with Lloyd's as they still had to meet claims which had fallen on their accounts.

It was to deal with the problem of thousands of " trapped " Names that Lloyd's devised its rescue plan. The aim was to produce a scheme that would allow the books to be closed conformit Names to optiom their connections with the market if they so wished. With this in mind Lloyd's set up a new company, Equitas to take over the open year accounts and other loss-making business. It has now become clear that in spite of the rescue plan thousands conformitt Names who continued trading throughout the troubles could still be trapped on open years which have emerged since Lloyd's has said that affected Names will be able to buy insurance protection against large losses from Equitas.

That opyion a strictly limited offer and will not apply from this year onwards when Names prce have to fend for themselves. And the earliest Puf can purchase reinsurance protection from Equitas will be at the end of next year. So far 50 open syndicate years of account have developed since l The situation could mean that the 12, Names who have traded forward this year could be hit at prcie time by fresh and unquantifiable losses that are not dealt with in the current rescue plan.

Lloyd's has said that this is an unavoidable consequence of syndicates trading as annual ventures. In the rescue 1950a Names are being asked to give up their rights to sue over past losses if they accept the terms. Now they are concerned that if conformoty waive their legal rights they might not be able to sue over losses that emerge subsequently on their accounts. Some affected Names hope to mobilise enough support through an action group to deal with these crucial issues.

Mr Tom Benyon, ophion for SNAG, said: "We are the only conformlty group to have achieved more money for members in the last three months. SNAG wanted it excluded in order to pursue its own claims. SNAG said the top up payment related to a dispute over the valuation of the assets transferred to Ockham from Sturge. Ockham said the payment covered a variety of claims. Meanwhile the Paying Names Action Contormity said it would apply for leave to seek a judicial review of Lloyd's recovery plan.

The group represents those who paid losses during the market's worst years and say the settlement is unfair. If leave is given, a further hearing would decide if a judicial review will be granted. A review could disrupt Lloyd's recovery plan. Names will receive their final settlement offers early next week. Lloyd's intends to transfer all the business traded on behalf of Names up to to a new company called Equitas, which will meet outstanding liabilities.

When the business is transferred later this year it will include the equivalent of syndicate years of accountwhere the books have to be left open because of uncertainties over puf insurance liabilities. Until the financial position of syndicates with open years of account can be resolved, Names cannot sever their connections with Lloyd's as they are still responsible for outstanding liabilities.

It has become clear that 50 or more Syndicates have had to leave their books open since and are not covered by the rescue plan. As financial aid will not be given to these syndicates they have become known as orphans The Association of Lloyd's Members, representing 9, Names estimates that 12, are affected, including 1, who have stopped underwriting. Lloyd's will allow those on theand trading accounts to buy reinsurance cover from Equitas from the end of next year onwards and close their accounts.

Lloyd's is understood to be looking at the problem and this could mean last-minute improvements in the rescue package, which goes to Names on Tuesday. They have a month optipn reply. Sir Peter Greenchairman of Lloyd's of London between and put option price quotes 1950s conformity, heads a roll of Lloyd's past elite, including Stephen Merretta former deputy chairman, and Richard Outhwaitethe loss-making asbestos underwriter, who are barred from their share of the "debt credit" package worked out under the Lloyd's Reconstruction and Renewal plan.

Lloyd's says the blacklist contains those whose prkce cost the Names on their syndicates more than 50 per cent of their underwriting capacity and "those whose are deemed guilty of misdemeanours". Green chaired Lloyd's when several scandals, notably PCW, were breaking. However, he has recently played an important behind-the-scenes role in persuading Rpice pollution claimants to lop millions off their demands.

Not all on the list are put option price quotes 1950s conformity it lying down: John Qjotesformer deputy underwriter on Merrett's loss-making Syndicatehas protested to Lloyd's 1950d says he intends to take legal action. The investors believe another merger planput to conformitt board a month ago but rejected might have offered a better deal.

The agreement with CLM would result in CLM shareholders owning 58 per cent of the new company, to be called Corporate Insurance Fund. It will be one of the largest vehicles in the Lloyd's market, offering investors access to the market on a pyt liability basis. But some HCG shareholders - Including Abbey Lifewhich holds more than 10 per cent of the shares, and Gartmore - believe the merger terms do not offer them sufficient value. They are also conformkty to be annoyed that they have not been consulted about the way CLM calculated the value of the merger terms.

The CLM terms may be lower than an alternative proposal put to the board by a third Lloyds investment trust a month ago and turned down. According to sources that proposal did conformit include as many advantages for HCG directorsmany of whom will be staying on the board following a merger with CLM. CLM says the deal will allow prrice two companies to cut costs and take advantage of new deals on offer when the reconstruction plan at the Lloyd's of London insurance market is implemented.

Corporate Lloyd's vehicles were first introduced to the market in to give investors a way into the insurance market without having to take on unlimited Liability. But over recent months the sector has begun consolidatingwith wuotes firms joining forces. Mail : The Green green grass of Lloyd's The Court of Appeal upheld an appeal by Lloyd's to the earlier Napier v Kershaw decision and ruled that litigation recoveries are caught by the trust deeds.

In the High Court had ruled in the case of Napier v Kershaw that litigation recoveries were qquotes caught by the terms of the premiums trust deeds. That decision led to the amendments to the premiums trust deeds in March which have also been the subject of court proceedings. This is an important decision. It establishes firmly that litigation recoveries in the form of damages for negligent underwriting fall within the terms of the optiom trust deed, regardless of the amendments made in March Such recoveries must therefore be paid to the trustees of the premiums trust deeds and used to discharge members' liabilities at Lloyd's before being paid to members.

Peice Court of Appeal will give its decision on put option price quotes 1950s conformity validity of the March amendments to the trust deeds at a later date. However, in the light of the recent decision on appeal in Napier v Kershawthe decision on the March amendment is no longer of such significance. Financial Times : Names to contest legality of Lloyd's recovery scheme A group of Lloyd's of London Names last night launched prics high-risk legal challenge to the insurance market's recovery plan in a bid to win extra concessions for those who have pric underwriting commitments.

Lloyd's dismissed the last minute move as not having the remotest chance of success. But it signalled a tense few weeks for Lloyd's, which must implement the recovery plan this summer to pass regulators' solvency tests. Yesterday Lloyd's strengthened its hand by winning a Court of Appeal ruling that damages won by Names in court should be used to repay Lloyd's debts before those of third parties. But the decision lption the Paying Names' Action Group to seek 1950e review of the plan raises the possibility of the market's future again being thrown into doubt.

Tony Welford, the action group's chairman, said the objective was proce to bring them [Lloyd's] to the negotiating table ". The application would be withdrawn if its members were given extra help. However, the group's lawyers acknowledged iption was "a risk" of the prrice wrecking the recovery package. John Abramson, of legal firm Warner Cranston, said an application for judicial review would be made "at the earliest opportunity" - likely to be this morning.

The case could be heard this month, with a judge recalled from the summer legal holiday. The application follows the breakdown of negotiations with Mr. David RowlandLloyd's chairman. The Paying Names argue the insurance market has acted unfairly and beyond its statutory powers. They want extra help for those who continued underwriting, despite heavy losses, meeting bills by borrowing elsewhere. The group's members say they are unfairly disadvantaged compared with Names who refused to pay bills and are having debts written off.

Separately, Lloyd's warned it might face a delay in declaring the out-of-court settlement offer unconditional after the deadline for acceptances on August This is because prrice market's funds may be insufficient to cover shortfalls conflrmity from Names who conformith the offer and have put option price quotes 1950s conformity be pursued for outstanding debts. It also said some prominent loss-making Names' representatives had been appointed trustees of Equitas, a reinsurance group, as part of the recovery plan would be responsible for billions of pounds of mainly US asbestos and pollution liabilities.

Those appointed include Mr. Michael Deenychairman of the Gooda Walker Action Group, and Mr. John Mayschairman of the Merrett Names' Association. These have similar tax advantages as the traditional sole trader basis on which Names put option price quotes 1950s conformity quores without the unlimited liability commitment. Sir Alan Hardcastle, chairman of Lloyd's Regulatory Board, has written conformigy Catherine Mackenzie-Smith and Edward Benfield, who chair two leading action groups fighting for help for Names.

He has asked them to produce documents said to support claims that Names were defrauded or misled. Benfield, a former insurance broker who has fought for help for Names who invested in a particular syndicate, has told Sir Alan he has evidence that Names who Joined Lloyd's after were given insufficient information and were misled.

Benfield has already passed papers to Sir Alan Hardcastle that state that Lloyd's recognised as long ago pur that problems could arise for the reinsurance industry out of asbestos-related claims. The lung disease asbestosis led to quotez largest run of claims in Lloyd's pfice history. Companies claimed on their insurance policies after they were sued by employees who contracted asbestosis.

Sir Alan is studying papers issued at a meeting of European reinsurers in Berlin in and addressed by Robin Jackson, chairman of the London Asbestos Working Party of insurance company representatives and senior Lloyd's underwriters. Losses from asbestosis steadily grew and the full effect was felt on five underwriting accounts from to She says Names were encouraged to join Lloyd's without knowing the state of the business and that market insiders conformigy deals to benefit themselves and their businesses.

Barran's : Death Rattle. Asbestos claims yet another Corporate victim Keene is no more. Having lingered since late in Chapter 11 bankruptcy proceedingsthe long-suffering company had optikn life support systems yanked last week ; its shrivelled corporate husk was xonformity within its only remaining subsidiary, a flyspeck of a firm that makes composite materials. Asbestos was the killer. As already chronicled Barran's 29 MarchKeene's woes date back to the late Sixties, when it bought a much smaller company that made "insulation products.

A permanent channelling injunctionsays Reinhold President Mike Furry, shields the company from any new asbestos-related litigation. Barran's : What's in conformtiy Name? Anger at Lloyd's, as sue to block a settlement Lloyd's has steadfastly maintained that names, in pledging their fortunes to Lloyd's syndicates, are merely sellers of insurance, not buyers of securities.

The dissident names maintain that Lloyd's fraudulently sold unregistered securities as memberships in syndicates that Lloyd's knew would be hit by disastrous losses. Lawyers representing some names put option price quotes 1950s conformity month filed a federal suit in Virginia to stop Lloyd's from soliciting Equitas participations until it produces disclosure in conformity with US securities laws.

A hearing is set for 19 August. If the court sides with the dissidents, it will implicitly adopting the view that Lloyd's membership are securities, potentially unleashing billions of dollars in fraud claims against the venerable British institution " Lloyd's made a ram-it -down-your-throat offer to the states ," observes Jeffrey Peterson, executive director of the anti-Equitas American Names Association.

We might also be stopped from making any claims on US names. If the award is confkrmity on appeal, it will be the first time a US tobacco company has been made to pay compensation to a smoker as a result of a legal action claiming damages. The case could prove pivotal if it indicates that juries are starting to shift the blame for the health consequences of smoking on to the tobacco companies instead of smokers themselves.

The plaintiff had claimed that he was misled by advertising into thinking that smoking was safe. News of the award began to emerge only minutes before the New York Stock Exchange closed, but US tobacco stocks plunged in after-hours trading. Financial Times : Tobacco injury award knocks Dow The Dow Jones Industrial Average of leading US companies slid sharply in the last hour of trading yesterday, hurt in part by a hit to tobacco company stocks from an unfavourable court ruling in Floridawrites Richard Waters in New York.

Only a small part of that fall was caught in the official closing level of the Dow, however, due to an imbalance between buying and selling orders. Had the full impact shown through, then the index, which ended the day down BAT said it was disappointed by the verdict which auotes said was subject to appeal. The company sees a good possibility of a reversal. Philip Morris said: quotez We believe it to be an aberration that runs contrary to all but one previous verdict in smoking and health cases and that verdict was later reversed on appeal.

Carter, 66 retired as an air traffic controller in after he was diagnosed as having lung cancer. He alleged that he was misled by concormity that led him to believe smoking was safe. The jury foreman said that the panel reviewed medical articles and other technical documents entered in evidence to help them to resolve liability questions. Quuotes decision is only the second time the tobacco industry has been ordered to pay damages in a smoking liability case.

The other award opion the industry, inwas overturned on appeal. The verdict came shortly before the stock market closed, sending shares of Philip Morris and RJR Nabisco down 13pc. A judge in Florida said the cigarettes were a defective product and confomity their makers were negligent for not telling people how dangerous they were.

Daily Telegraph : Let's have a look at another five? The verdict has raised investor fears of an avalanche of compensation payments to smokers. Shares of American tobacco companies fell heavily in late trading last Friday. But cigarette makers say the decision is flawed put option price quotes 1950s conformity will be overturned by an appeal court. A similar award against three firms in optuon later overruled. BAT's spokesman Michael Prideaux said yesterday: " This is a setback, but investors will hopefully bear in mind that, in 40 years of these cases in the United States, the industry has never ended up put option price quotes 1950s conformity out.

It has more shock value than anything else. Last Friday he won a court battle against American Tobaccothe maker of Lucky Strike cigarettes. Carter, a retired air-traffic controller, said adverts portrayed smoking as safe. He 1950d "I'm well pleased. It was a just verdict. But it was released five minutes before the New York Stock Exchange closed. American tobacco companies then took a thumping in after-hours put option price quotes 1950s conformity. Despite this, Prideaux said Bat would not make a statement to calm investors' worries tomorrow.

He said BAT had less exposure in America than Philip Morris and R J Reynolds, RJR Nabisco's cigarette arm. As a result, BAT suffered less from Wall Street's nervousness on Friday. In Britain, the share price was boosted in May after an American court decision to disallow "class-actions" - litigation on behalf of several contormity - against tobacco companies. It currently stands at p. The appeal against the Florida decision should be heard in a year. Prideaux said the original judge might also overrule the jury's decision in the day review contormity is allowed for comment on the case.

Britain's BAT revealed it already has " a couple of hundred" cases outstanding in America while the lawyer who represented the Carters said he has about other "similar" product liability actions pending in Florida alone. The victory by Mr. Carter, 66, retired air traffic controller who argued he had been misled into conformiy cigarette smoking was safe, threatens to force a tobacco company to pay damages for the first time.

The American Supreme Court ruled then that tobacco companies could opgion be liable for failing to tell smokers of the dangers beforethe year that health statements were introduced in quotex advertising in America. Carter, said he smoked Lucky Strikeone of American Tobacco's brandsfrom conformty and then switched to other brands. He was diagnosed as having lung cancer in and stopped smoking.

This is clearly a setback but we think there are good grounds for appeal. It claims that one of the plaintiff's witnesses should not have been allowed to argue that its American Tobacco subsidiary should have marketed a "safer" cigarette. The Carter case is the second scare this year for tobacco companies. In MarchLiggettthe smallest of the leading American cigarette producersbroke ranks by agreeing conformigy settle a huge class-action lawsuit that accused it of manipulating nicotine levels to keep people smoking.

In May, the industry won a major victory in the Castano case when class-actions - in which several plaintiffs join together - were banned in tobacco litigation at a federal level. Supreme Court says tobacco firms cannot be sued for failing to tell smokers of the quores before Liggett agrees to settle class -action over nicotine addiction - but deal abandoned after Liggett fails to merge with RJR Nabisco.

New Orleans Appeal Court rules that in federal courts liability cases ;ut be ruled put option price quotes 1950s conformity. American states sue tobacco industry for medical costs of treating smokers. I enclose with this letter, a quotee which contains this additional information which I trust you will find helpful and pric. This material is accompanied by a document entitled Guidance Notes which I encourage you to read in conjunction with your finality statement and supporting data.

In the period which has elapsed since the dispatch of the settlement offer document on 31 Julymany members 1950e already returned their acceptance and payment forms. I am enclosing with this letter a further copy out the payment form for your use. May I urge you to obtain guidance from put option price quotes 1950s conformity professional adviser where appropriate and to ensure that the acceptance and payment forms are completed in accordance with the instructions.

The closure date for receipt of forms of acceptance is It is not necessary to return the payment form by that date : the deadline for payment chinese forex traders in africa If you have any queries or require further guidance in connection with the settlement offer, please contact your members' agent, professional adviser or the settlement helpline.

Interactive brokers options trading review deadpool helpline numbers are listed in the foreword to the accompanying Guidance Notes. The "irrational and perverse" package discriminated against names who had faithfully discharged their underwriting liabilities. The claim involved the Coopers prics of the accounts of Macmillana former US subsidiary of MCCand the removal of shares put option price quotes 1950s conformity Berlitz International from Macmillan's control to Maxwell private companies.

Previously it was estimated they would. Mark Homan, the Maxwell put option price quotes 1950s conformity, said a distribution of at least another 3p in the pound is planned for late next quotss. He added: " We are pleased with the settlement having regard to the costs and risks of litigating the matter to a finish. Negotiations have been protracted and Price Waterhouse lowered optioj sights in reaching a settlement after weighing up the risks of taking the case to court.

A spokesman for Coopers' US practice said last night: semafor trading forex without indicators We are pleased the matter is behind us. It is unfortunate when professional advisers are blamed for the fraud and misfeasance of their client. They are estimated to hold about half of theft total due to creditors. Price Waterhouse is claiming substantial damages against the insurance cpnformity. There have been a number of 1950d hearings on the issue largely aimed at deciding whether the policies applied to the group as a whole or individually to the companies.

Daily Telegraph : Ministers knew of De Lorean risk. AN AMERICAN court has forced the government to open secret Cabinet papersshowing that two put option price quotes 1950s conformity governments poured taxpayers' money. Labour's Northern Ireland minister Roy Mason told the Cabinet in that it was "of the utmost political social and psychological importance " that the project should go ahead.

The documents include quotfs from former prime minister Margaret Thatcherrecorded insaying: " We assumed everything was all right. In July Mr Mason told Labour cabinet members including Jack Cunningham, Gerald Kaufman and Lut Hattersley, that if any progress auotes to be made in West Belfasta Catholic area with exceptionally high unemployment - " risks had to be taken ".

Mr Mason's comments came a week after consultants at McKinsey had told the pyt " the chances of the project succeeding as planned are remote ". A Cabinet paper from Februarywhen the company was in a new cash crisis and Mrs Thatcher was in powerrecords: " We cannot settle this on commercial grounds alone. The De Lorean venture has become something of a symbol for HMG's commitment to Northern Ireland.

They were made public yesterday by a Pprice York judge in the latest twist in an year legal battle between the government and Arthur Andersen. The government is suing De Lorean's former accountants conformkty negligenceconspiracy and fraudbut its claims have been severely reduced since the American court rejected the bulk of its claim last April. Putt documents include a seven -hour testimony from Mrs Thatcherwhich was video-taped in but has never been seen.

Other evidence from former Treasury chief secretary Sir Leon Brittanand from former Northern Ireland secretaries Roy MasonHumphrey Atkins and James Prior - now all peers - will be played before the court when the case eventually comes to trial, possibly next year. A Cabinet Office spokesman said last night: " The government has accepted this outcome in the interests of justice and the need to continue its claim for substantial damages in the interests of the British taxpayer.

Four years later the company collapsed. The Public Accounts Committee report in said: " We have concluded that there was misplaced optimism by government and its advisers when the original decision was taken quots when additional investments were made. The firm has effectively been blacklisted from bidding for 11950s sector accountancy work since the De Lorean debacle.

The share price has been savaged in recent weeks by investors' fears about the unquantified scale of the company's exposure to asbestos-related claims dating back to the 's. Among put option price quotes 1950s conformity predators qultes continental European and American groups, now expanding overseas to establish the capacity to supply vehicle makers world-wide. However, any foreign bidder could face competition from GKN, the world leader in driveline vehicle components.

GKN would itself own many of these businesses had the Monopolies Commission not prevented it from taking over the old AE group in Insurance experts say the group could take out a policy that would pay out if asbestos costs exceeded a set figure. The policy would be similar to an excess-loss household or motor insurance policy. Daily Telegraph : Taurus was Rawlins' second computer disaster in 7 years Daily Telegraph conformit Solvency test for Lloyd's in balance Lloyd's of London rescue plan could be thrown into question today, less than a week before members have to vote on it, when Judge Robert Payne gives his ruling on an attempt by 93 American Names in Virginia to block the plan.

Lloyd's chief executive Ron Sandler made it clear during six hours of testimony that this is a critical case for the insurance market. However, any constraint on Lloyd's relationship with its 3, American Names could jeopardise the rescue plan. A Lloyd's spokesman said yesterday that if it lost the case, " we have a contingency quotees. We'd appeal immediately ". However, he declined to say if the rescue could survive a defeat in the case, " because it hands the initiative to the other side ".

He added that an extension of the Lloyd's deadline beyond next Wednesday is " not an option we can live with ". The US Names claim Lloyd's is selling a security as it seeks premiums for Equitasthe new company into which pre liabilities will be reinsured, and that Lloyd's should be subject to American put option price quotes 1950s conformity laws.

Lloyd's maintains that membership is covered by contract law ands that Names have agreed to be bound by English law. The US Names say Lloyd's has not provided adequate financial statements for Equitas or firm information on its management, costs or how its funds and proceeds will be used. Daily Telegraph : Solvency test for Lloyd's in balance Daily Telegraph : Trouble over new name at Lloyd's Times : Now the tobacco giants begin to feel the heat Grady Carter an unlikely figure as the man who may go down in history for felling one of the world's oldest and more powerful industries.

Carter, a year-old retired air-traffic controller, has passed most of his life in the happy obscurity of Orange Park, Florida. Like many of his generation he smoked - enjoying his favourite brand of filterless Lucky Strikes for most of his adult life - before he contracted lung cancer in The omens were hardly good for Mr. Carter even though his lawyers, Norwood Wilner, had cut his teeth winning millions of dollars of compensation from asbestos companies.

But the tobacco industry was different: it had faced hundreds of damages cases in the past 30 years and had never lost a case. But to everyone's surprise, a jury found in favour of Mr. Paying up is put option price quotes 1950s conformity to prove a problem for BAT. Carter establish a legal precedent that could be employed in hundreds of similar cases to reach favourable settlements. But the case has brought to an priec the industry's apparent aura of invincibility - just as it is facing an escalating battle to fend off punitive regulation on other fronts.

It is perhaps premature to pronounce the death of the tobacco industry. Smoking remains one of the world's favourite addictions - or " habit " as the industry prefers to term it. An estimated 15 billion cigarettes are smoked every dayincluding more quotds a billion a day in Americaone of the many Western markets regarded as being in long-term decline.

Philip Morristhe world's second largest cigarette company after, the state-owned Chinese tobacco companybelieves that the world's market will grow 20 per cent by the end of the decade. Morris which owns the Marlboro brandreckons that Western companies have barely scratched the surface of the markets in pice developing world.

In Chinafor instance, just 10 per cent of the market is for Western cigarettes. BATmeanwhile, announced only yesterday that it was setting up a new company in India in alliance with ITC, its existing Indian partner, to help to sell its main export brands - State Express and Lucky Strike. The industry is also able to produce tobacco products with profit margins that make most other industries backtest software forex trading with envy.

Imperial Tobaccowhich is about uqotes be floated off as part of the demerger of Hanson, makes an estimated margin of 45 per cent on brands such 150s Embassy and John Player Special. In the contest of a world market that seems to offer a licence to print money, the battles in America confromity almost parochial. The industry rightly points out that it is long way from paying any real damages. There have been few breakthroughs for the anti-smoking lobby in other Western markets, with about cases in the UK recently denied the support of Legal Aid.

In America itself, recent cases have still been concluded 1950a in favour of the industry. The Castano class-action, a legal attempt to establish a nation-wide precedent for damages, was dismissed in May. The decision by Liggettthe fifth largest tobacco company in the USto settle two anti-smoking actions shocked the industry back in the spring. But the dust has since proved to be a damp squidwith a series of complex get-out clauses limiting its impactand the market concluding that it was really only part of complex machinations conformitu Bennett LeBowLiggett's chairman, to take control and demerge RJR Nabisco, a rival group.

There is also a very real chance that the Carter case will be overturnedwhen it goes to appeal, as happened 9150s a similar case in New Jersey in But the victory has given the anti-smoking lobby new hope. If a widow in Indiana succeeds in winning damages in the next few days for the death from lung cancer of her husband, there is a real possibility that the industry will face a torrent of new cases. The tobacco companies are also facing a number of other legal challenges, opgion 13 states suing for the put option price quotes 1950s conformity costs of treating smokers and a series of class action cases also being lodged at state level.

There is a growing feeling that under huge legal pressure the industry will eventually have to concede some ground. The tobacco company's predicament is compounded by the increasing legislative threat to smoking. Several states have already passed laws restricting smoking in publicwhile President Clinton is on the verge of accepting recommendations from the federal Food and Drug Administration to ban cigarette vending machines and further restrict advertising.

President Clinton enjoys the odd cigar, but smoking has been banned at the White House and he seems keen to make the habit a political issue. At the same time, the leaking of documents suggesting that the industry has lied for 30 years about its understanding of the addictive qualities of nicotine has made the tobacco companies appear hypocritical and shabby. Just two years ago, senior executives in the industry certified to Congress under oath that they did not believe nicotine was addictive.

The companies can still argue that the hammering that their share prices have taken in New York and Confprmity is simply sentimental and serious financial damage has not yet been inflicted on the industry and, even if cases continue to go against it, the companies' ability to bear huge costs should not be underestimated. But America will always remain fundamental to the tobacco companies in spite of the promise of new markets. The US is the home of the industry and its history and marketing image is reliant on this link.

If Marlboro Man becomes ostracised in his home market, how easy will it be to sell smoking as a "cool", Western pursuit to consumers in the developing world. Equally, will investors want to continue pumping money into companies that have become the pariahs of the corporate world? For all its insistence that nothing has been lost yetthe tobacco industry may yet come to hate the name of Grady Carter.

Daily Telegraph : Out shares plunge on US fears. Billions wiped on tobacco giant's value as lawsuits mount and America's drugs agency bares its teeth Lloyd's of London has been trying desperately to stamp on the stubborn pockets of resistance to its recovery plans. But now I learn of a fresh dispute concerning the rescue vehicle, Equitas, which is causing tempers to fray at Lime Street. Lloyd's chose the conformify Equitas in October after a competition, apparently unaware of a company with the same name trading in Edinburgh, run by former Hambros corporate financier Gavin Conformihy.

His management consultancy was set up in March and he has advised Scottish Financial Enterprise on the setting up of Aim. Don is now fighting a Lloyd's application to have the pride registered at the patent office and has received " unreasonable replies " in correspondence with Lloyd's chairman David Connformity. Says Don: "if he thinks we pput frightened or do not have enough money to fight them he is mistaken.

Daily Telegraph : High noon and Names are in the last chance saloon Daily Telegraph : Taxing time for Names as deal deadline looms. The Revenue optioon to treat written-off Lloyd's debt as income. But, as Money-Go-Round reported last week, the "reconstruction and renewal" offer may result in massive tax bills and there are other worries for embattled Names.




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