Lloyd's names spurn pounds 1bn offer

A PLAN by Lloyd's of London to compensate its investors for pounds 2bn of losses came under attack by the names yesterday, writes John Moore.

Michael Deeny, chairman of one of the leading names' action groups, said: 'There can be no compromise, no deal.' He warned the Lloyd's companies that they are suing: 'We will see you in court.'

Lloyds, as revealed in the Independent yesterday, is understood to be aiming to offer up to pounds 1bn later this month.

Report, page 33

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