Letter: Cost-benefits of Lloyd's action

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The Independent Online
Sir: The Gooda Walker names appreciate the coverage we have received in your columns over the years but are disappointed in the comment in today's issue that we face enormous legal bills and a long and expensive fight ('Judgments strengthen Lloyd's members', 14 April).

All things in life are comparative. The costs of our main action are budgeted at pounds 3.5m but we are suing for pounds 600m. However, if we do not recover all our losses our costs should still be no more than 1 per cent of any judgment, which seems to us excellent value for money.

As regards the time involved, our solicitors, Wilde Sapte, are actually six months ahead of schedule with our case at the moment and we expect the trial in the main action to be finished in July.

Considering that ours is the largest action in English history in terms of the numbers of parties involved on both sides, we feel we are making extremely rapid progress.

Yours faithfully,

MICHAEL DEENY

Chairman

Gooda Walker

Action Group

London, SW7

14 April

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