Lloyd’s of London Antitrust and RICO Litigation

October 15, 2013

A class action is pending in the United States District Court for the District of New Jersey on behalf of U.S. policyholders against 23 insurance syndicates of underwriters at Lloyd’s. The complaint alleges that, since 1997 and under the auspices of the Corporation of Lloyd’s and the Lloyd’s Market Association, Defendants and their co-conspirators entered a conspiracy in violation of the Sherman Act and the RICO statute, the purpose and effect of which was to reduce competition in the Lloyd’s insurance market by allocating premium volume among the syndicates (including Defendants) and standardizing the prices and terms of insurance policies. The conspiracy was furthered through a series of horizontal and vertical agreements among defendants and Lloyd’s brokers that control the business in the Lloyd’s insurance market.