Lloyd's Syndicates To Pay $22M To End Antitrust Claims
By Mike LaSusa (April 19, 2019, 10:26 PM EDT) -- Several Lloyd's of London syndicates have agreed to pay $22 million to settle class claims they were conspiring with insurance brokers to conceal exorbitant commissions and the anti-competitive nature of their market, according to a filing Friday in New Jersey federal court.
Thirteen of the 23 Lloyd's syndicates named in the suit will contribute $21,950,000 to a settlement fund in addition to agreeing to some changes to their business practices, according to a motion filed on Friday seeking preliminary approval of the deal.
While the settlement provides for the dismissal of all claims against the baker's dozen of settling syndicates, it...
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