Word: fraud
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Dates: during 2000-2000
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...20th century. As TIME recounted in a special report last February, the Names said they were fraudulently misled about huge potential liabilities resulting from compensation paid to American workers afflicted by asbestosis and lung cancer. They further alleged that the Lloyd's hierarchy was party to the fraud because it knew of the looming problems but allowed its syndicates to under-reserve for the resulting losses--thus helping conceal the true state of affairs from the recruits needed to fund a bailout...
...luck in the marketplace, refused to sign up for R&R, deciding instead to do battle with Lloyd's in court. Unable to overcome Lloyd's immunity to prosecution for such lesser crimes as negligence, the Names were obliged to escalate the war and charge Lloyd's with fraud...
...stakes for Lloyd's were just as high. In the three centuries since it was founded in Edward Lloyd's Thames-side coffee house, Lloyd's has operated under the watchword "utmost good faith." Were it to be found to have engaged in fraud, even in the semi-distant past, its credibility would be undermined and along with it a premier position in a business where confidence--summed up in the Lloyd's motto Fidentia--is an essential ingredient...
Last Friday morning, rumors that Lloyd's had won the trial swirled through the corridors of England's Royal Courts of Justice long before the dissident Names trooped in to learn their fate. Despite Lloyd's legal army, the Names believed their side had clearly demonstrated fraud at Lloyd's the institution, as opposed to the syndicates. In court it also emerged that many Names had been ill-served by negligent syndicates. But they failed to prove to the satisfaction of the judge that Lloyd's itself had committed fraud. More specifically the judge rejected the allegation that Lloyd...
...elsewhere in the state. If a court decides that the election is invalid, it would still be necessary to rule on whether a new vote is the only remedy. Florida courts, like courts in most other states, have been reluctant to order new elections even in cases of outright fraud. But in a circumstance as novel and highly charged as this one, the past may not be any guide...