US Judge Refuses to Toss Lloyd's of London Price-Fixing Suit
A federal judge in Newark has denied a motion to dismiss a suit accusing underwriters at Lloyd's of London of conspiring to increase revenue and profits by concealing a lack of competition for its U.S. insurance customers.
August 24, 2017 at 03:22 PM
10 minute read
A federal judge in Newark has denied a motion to dismiss a suit accusing underwriters at Lloyd's of London of conspiring to increase revenue and profits by concealing a lack of competition for its U.S. insurance customers.
U.S. District Judge Claire Cecchi denied the motion to dismiss by 28 insurance syndicates affiliated with Lloyd's, finding that the plaintiffs adequately pleaded elements of racketeering, conspiracy and unjust enrichment.
The suit was filed by two purchasers of Lloyd's policies—Lincoln Adventures, a corporation that owns a 68-foot yacht, and Michigan Multi-King, an operator of fast-food restaurants. According to the suit, Lloyd's syndicates maintain a facade of competition in which brokers represent to insureds that they will seek coverage for insurance risks in a market of independent competitors. But, in fact, the organization is dedicated to maximizing volume and profits for entities that function like divisions of one corporation, the plaintiffs claim.
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