Lloyd's Insurers Sued For £10M After Takeover Fraud Unveiled

Law360, London (June 12, 2020, 6:11 PM BST) -- A private equity firm says it is owed £10 million ($12.5 million) by seven Lloyd's of London syndicates under an insurance policy after a company it purchased fraudulently misrepresented its earnings, artificially inflating its value.  

The claim filed at the High Court stems from private equity vehicle Seahawk Bidco Ltd.'s acquisition of energy tariff switching site Love Saving Group Ltd. in 2018. Staff at the company overstated its earnings and forged documents that masked its value, according to the newly public May 7 particulars of claim.

Seahawk was formed by Lloyds Banking Group private equity house LDC for the purpose...

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