The Treasury yesterday (9 November) successfully fought off a £1bn claim brought by 1,000 Lloyd’s Names.
The investors in Lloyd’s of London brought the case under a Group Litigation Order. They alleged that the government’s failure to correctly implement the European Insurance Directive led to massive claims being filed against Lloyd’s in the 1990s and early 2000s, leading to them losing millions of pounds.
But Mr Justice Langley ruled that the case fails because it is time-barred as well as being prevented by a European directive.
West End firm Grower Freeman is representing the Names. Partner Michael Freeman said the claimants would “most certainly” be appealing Langley J’s judgment.
Freeman instructed 20 Essex Street’s Richard Plender QC for the Names.
The Treasury Solicitors instructed 4 Pump Court’s David Friedman QC.