Subject:  Lloyds peril....(guru)
Date:     Tue, 14 Mar 2000 055740 -0600 (CST)
From:     "Roy L. Beavers" 
To:       emfguru 
--------------------------------------------------

Hi everybody:

.......One of the major "hidden from the public" stories of the past
two decades is this one....  (See below)  It has MUCH portent for the
EMF Saga.......

Lloyds is accused of failing to adequately inform its investors about
the extent of its losses on asbestos - over $6 billion!!  

Now you know ... why the entire insurance industry is leery about
insuring the EMF "risk."

Always ask - and make them show! - the power companies, telecom companies,
etc. - about their EMF liability insurance coverage.....  Most don't have
it.....  Can't get it......  

The international insurance industry is probably better informed than ANY
government about the **true** EMF risks......?!?

Cheerio.....

Roy Beavers (EMFguru)
roy@emfguru.com

.....It is better to light a single candle than to curse the darkness.....
                    NEW!!! Website... http://emfguru.com
...................People are more important than profits.................
                            Missed opportunity...
          $$$$$ We could have changed the corrupted system!! $$$$$
                                  McCain !!

             DO YOU KNOW OF OTHERS WHO SHOULD BE ON THIS LIST???

     _________________________________________________________________
   
02:43 PM ET 03/13/00

Lloyd's of London Wins Canada Case

 By BRUCE STANLEY=
AP Business Writer=
           LONDON (AP) _ Lloyd's of London, faced with a potentially
crippling lawsuit at home, said Monday it won a victory in a
related case in Canada.
           A Canadian judge has ruled in favor of Lloyd's in its effort to
collect $32 million from dissatisfied Canadian investors, the
company said.
           Lloyd's is one of the world's premier insurance markets.
           The 88 Canadian investors, known as ``Names,'' had accused
Lloyd's of acting fraudulently for not informing them of the full
extent of losses that Lloyd's faced in the 1980s.
           Lloyd's lost $12.8 billion from 1988 to 1992, causing financial
ruin for many investors and driving about 30 Names to kill
themselves.
           The Canadians were not among more than 230 Names who filed a
lawsuit now being heard in London's Commercial Court, but they did
make similar allegations of fraud.
           The lawsuit here alleges that Lloyd's concealed $6.3 billion in
claims arising from asbestos-related illnesses in the United States
while reserving a tiny fraction of that amount to pay for them.
Opening arguments in the case began last Monday.
           In Canada, Justice Katherine Swinton issued a judgment last
Tuesday in the Ontario Superior Court of Justice requiring five of
the Canadian Names to honor their debts to Lloyd's.
           The five had argued that they had been denied a fair trial in
Britain and that Lloyd's had violated Ontario law.
           Swinton ruled their argument insufficient, noting that none had
joined the London lawsuit or seen fit to file a suit of their own.
           An additional 83 Canadian Names said they would abide by the
judge's decision.
           Philip Holden, head of Lloyd's Financial Recovery operations,
called Swinton's decision ``a major victory'' in its global debt
collection efforts.
           ``While attention is now being focused on the London court case,
it's important to note that Lloyd's is still making significant
progress in its debt enforcement activity around the world,''
Holden said in a statement.
           Lloyd's is seeking to collect $585 million from a total of 1,600
Names. The Names balked at the terms of a financial reorganization
at Lloyd's in 1996 and refused to pay a premium to cover their
losses.
           There was no immediate comment on the Canadian ruling from
participants in the London case.
           Their lawsuit, which seeks damages of up to $237 million, poses
a potentially lethal threat to Lloyd's.
           The suit could destroy the reputation Lloyd's has cultivated
over its 312-year existence and, if successful, could clear the way
for claims of fraud from many others.
           About 95 percent of the Names at Lloyd's accepted the 1996
reorganization and paid their premiums.
           Lloyd's is a self-regulating market of insurance syndicates
rather than a company in its own right. It relies on more than
4,100 Names _ mostly private individuals _ who provide the money
for underwriting insurance.
        
     _________________________________________________________________
   



Archive provided courtesy of WaveGuide, http://www.wave-guide.org
Reprinted with permission of Roy Beavers, http://www.emfguru.com