Word: settlements
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Dates: during 2000-2009
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...President Roger O'Sullivan praised Anthony D. Galluccio, Cambridge's newly-elected mayor, as the "driving force" in marathon negotiating sessions that resulted in what he called a "fair and equitable" settlement...
...outstanding variable of not having a permanent mayor was an issue," said Galluccio. "It was a deterrent to final settlement...
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...
Evans is fighting it out, party to a huge lawsuit born of Lloyd's alleged perfidy, which comes to trial in London next week. The suit was filed on behalf of dissident Names who have refused to join a 1996 settlement, claiming that Lloyd's, facing insurmountable losses, duped them by concealing the billions of dollars of asbestos claims it knew to be in the pipeline. "I believed I could trust Lloyd's to look after my interests in much the same way I would trust my bank," says Evans, who lives in London. As a result, she says...
...appalled and wonderfully smug. Whatever our own love life might be, we haven't sunk so low. We assure ourselves, as we watch the bevy of prospective brides, that we never will. Money, we think, isn't everything. And we wonder how much she'll cop in the divorce settlement...