Word: lloyd
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...decision as a typical example of the Establishment protecting itself. Others, including Sir William Jaffray, who lent his name to the trial, will seek to battle on. They are emboldened by the recent entry into force of the European Convention on Human Rights, which they claim allows Lloyd's to be sued for negligence in lieu of fraud. "It's a severe setback for the Names," Jaffray said after the trial, "but it in no way exonerates Lloyd's. Nobody reading the judgment will be able to trust or do business with Lloyd's again...
...judge indeed handed down some harsh words. Despite all the Lloyd's reforms in the past, he said, "the catalog of failings and incompetence in the 1980s by underwriters, managing agents, members' agents and others...is staggering (and brought disgrace on one of the City's great markets)." Assessing the tactics employed to recruit Names to syndicates in the mid- to late '80s, he said it was "strongly arguable" that the advice they received was "at best grossly negligent...
Names with no stomach for further court action may take comfort from the judge's assertion that it was "high time" litigation in Britain and elsewhere ceased and exhorted Lloyd's itself to seek a "fair, overall settlement" with the dissidents--hammered out perhaps by an independent panel. Lloyd's, still wallowing in red ink (according to market estimates, losses could total as much as $4.5 billion for 1998-2000), has yet to respond. The refuseniks for their part are hoping for a deus ex machina in the form of criminal proceedings launched by U.S. government prosecutors who have been...
Suing because you think ADAM SANDLER copied your movie is a bit like complaining that Dan Quayle plagiarized your speech. Really, what vindication do you hope to win? In the case of Suzanne Lloyd Hayes, granddaughter of silent-film star Harold Lloyd, the answer is about $50 million worth. Hayes, on behalf of the Harold Lloyd Trust, alleges that the Walt Disney Co. violated federal copyright law because The Waterboy is "demonstrably a copy of The Freshman," the 1924 comedy classic starring her grandfather. Like The Waterboy, The Freshman told the story of a bumbling football waterboy who happens...
TIME: The judge said the catalog of failings and incompetence was "staggering" and brought disgrace on one of the City's great markets. Is it a chastened Lloyd's that goes ahead...