Lloyd's Insurers Settle PE Firm's £10M Takeover Fraud Suit

Law360, London (May 4, 2021, 4:06 PM BST) -- Seven Lloyd's of London syndicates have settled a £10 million ($13.9 million) lawsuit brought by a private equity firm claiming a payout after a company it purchased fraudulently misrepresented its earnings.

The claim brought by a Lloyds Banking Group private equity acquisition vehicle against the insurers, including units of Hiscox and Markel, has been stayed after the two sides reached a confidential agreement on April 14, according to a consent order filed at the High Court.

Signing off on the order on April 27, Judge Sara Cockerill said that the special purpose vehicle and the insurers could apply to the courts...

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