Six Lloyd's of London "Names" Seek Intervention in Lawsuit Commenced by Corporations Department.SAN FRANCISCO--(BUSINESS WIRE)--April 25, 1996--On April 24, 1996, a group of six Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as California active Names moved to intervene in a federal court action commenced by the California Department of Corporations ("DOC See doc file and docs. 1. Doc - Directed Oc 2. doc - /dok/ Common spoken and written shorthand for "documentation". Often used in the plural "docs" and in the construction "doc file" (i.e. documentation available on-line). "). (California v. Lloyd's of London, et al., C.D. Cal. No. 96-1357 (TJH TJH Turkish Journal of Haematology TJH Trojan Horse ) (CTx).) The intervenor Names contend that actions taken by the DOC and the relief sought in the federal action will cause them financial harm. The DOC has stated it is acting on behalf of California Names, but the intervenors did not request the DOC to do anything and they were not notified by the DOC of its actions. John T. Hansen, lead attorney at Nossaman, Guthner, Knox & Elliot, counsel for the interventors, made the following statement: "This is a group -- which believes it is representative of the majority of California Lloyd's underwriters -- who have met all their obligations as Names and who either wish to continue their long term business relationship with Lloyd's or to reach a final determination of their liabilities and withdraw. By virtue of administrative orders An order covering traffic, supplies, maintenance, evacuation, personnel, and other administrative details. issued by the DOC, our clients are unable to communicate with Lloyd's. This means they are unable to receive information about a proposed Reconstruction and Renewal Plan, which they believe will financially benefit Names, or to enter into any continuing underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. ." Lloyd's has 34,000 Names worldwide and is discussing the Reconstruction and Renewal program with all of them except those residing in California. In several other states, "stand still" agreements have been reached to allow for discussion about how matters should be resolved. In California, however, the DOC has so far rejected that approach and has instead sought to effectively end the ability of Lloyd's and its Names to do business. Nossaman Partner William T. Bagley (a former colleague of Governor Wilson in the State Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: "If the DOC believes that those Names underwriting insurance are in law purchasing 'securities,' then a simple suit asking for declaratory relief declaratory relief n. a judge's determination (called a "declaratory judgment") of the parties' rights under a contract or a statute often requested (prayed) for information in a lawsuit over a contract. would be appropriate. This would not affect current policy coverage, would not attempt to freeze billions of policy monies, would not prevent our clients from continuing to perform their risk-assuming obligations and would prevent destabilizing of the insurance market." CONTACT: Nossaman, Guthner, Knox & Elliot, LLP LLP - Lower Layer Protocol John T. Hansen, 415/438-7245 |
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