LAWSUITS NEWS & LEGAL INFORMATION
Benfield Group Ltd.
This is a settlement for the Commercial lawsuit.
London, UK: (Jun-11-07) Lloyd's of London filed a lawsuit against reinsurance broker Benfield Group Ltd., claiming compensation in a failed business venture. The dispute centered on Benfield's role in arranging a policy which triggered a separate court battle between the London insurance market and a group of six insurers in 2005. The 15-month long battle finally reached resolution after Benfield Group Ltd. agreed to pay Lloyd's 8 mln stg.
Benfield stated that it had reached a conclusion with Lloyd's over the dispute, and that it would account for the cost of the settlement as an exceptional item. The company did not disclose further details of the agreement. In February 2006, Lloyd's claimed it was seeking a total of 325 mln stg in compensation from Benfield and insurance broker Aon. [FORBES: FAILED BUSINESS VENTURE]
Published on Jun-12-07
Benfield stated that it had reached a conclusion with Lloyd's over the dispute, and that it would account for the cost of the settlement as an exceptional item. The company did not disclose further details of the agreement. In February 2006, Lloyd's claimed it was seeking a total of 325 mln stg in compensation from Benfield and insurance broker Aon. [FORBES: FAILED BUSINESS VENTURE]
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