Word: legality
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Dates: during 2000-2000
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Reeling from financial pressure and haunted by the specter of suicides, thousands of Names agreed to a 1996 settlement Lloyd's concocted in response to legal actions and growing public outrage. Called Reconstruction and Renewal, the settlement created a reinsurance company known as Equitas that assumed responsibility for all of Lloyd's pre-1993 obligations. At the same time, Lloyd's reduced and capped the pre-1993 debts of Names who agreed to pay up and waive all claims against the company. But this global deal has raised more questions than it has answered. A committee of the House...
Lloyd's denies any wrongdoing and will defend itself vigorously. The insurance behemoth "has never been found guilty of fraud," says spokesman Adrian Beeby. Lloyd's has already beaten back a welter of legal actions in Britain. But it faces more charges on this side of the Atlantic. The U.S. Attorney in New York City has made Lloyd's the target of an intensive criminal investigation. And in a pivotal case due for trial early next year before a California state court in Los Angeles, a father and two daughters who lost heavily in Lloyd's have brought allegations...
...growing legal storm lashed Citibank in New York, where some $12 billion of Lloyd's North American reserves were on deposit. Paul Cohen, a supervising examiner for the New York State insurance department, declared in 1995 that the reserves were "seriously deficient" and "unlikely to cover all losses" at Lloyd's. Cohen accused Citibank of permitting Lloyd's to shift assets from the accounts of Names who owed nothing to pay the obligations of those Names who did--in violation of the Names' contracts with Lloyd's and trust agreements with Citibank. Citibank declined comment, citing pending litigation...
...Weed is taking a daring gamble by relying primarily on a lone creature for defense against what the sheep industry sees as its greatest danger. When a threat is serious, most ranchers deal with coyotes and other marauding predators simply by shooting, poisoning or trapping them--all perfectly legal in most Western states--or by calling in U.S. Department of Agriculture agents to do the job. Weed, 40, has adopted a gentler stance because she is trying to promote ecologically responsible ranching. She has a genuine concern for the coyotes, mountain lions and bears that roam the Big Sky Country...
This case is being closely watched by both sides of the abortion debate: A federal legal precedent favoring fetus rights over those of the mother could have sweeping ramifications for women's reproductive health rights. If the Court decides the hospital did, in fact, have a right to test the pregnant women for drugs without their consent, the Justices are essentially affirming the position of the South Carolina legislature: A fetus is a child under the state's child abuse laws, and so the law is necessary to protect against child abuse. High courts in several other states have struck...