Mr Stephen Merrett

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We wish to apologise for the incorrect suggestion made in our report "Further blow to Lloyd's rescue plan (Business, 28 January) that former Lloyd's deputy chairman Stephen Merrett was convicted last October for criminal fraud.

We intended to refer to the judgment of Mr Justice Cresswell last October in a civil action against Mr Merrett. Finding that Mr Merrett had deliberately concealed significant information from Lloyd's names, the judge made no reference to fraud.