Lloyd's Insurers Fight Back In £10M Takeover Fraud Suit

Law360, London (July 15, 2020, 5:09 PM BST) -- Seven Lloyd's of London syndicates have told the High Court that a private equity firm grossly overestimated the value of a company it acquired as they fought to reduce an insurance payout for alleged takeover fraud.

Lawyers for the insurers said that Seahawk Bidco Ltd. received reports by auditors and attorneys expressing caution over its £14 million ($17.6 million) valuation of a new division of an energy tariff switching site it bought in 2018, in July 8 defense documents.

Seahawk — which was formed by Lloyds Banking Group private equity house LDC to take over Love Saving Group Ltd. — is...

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