Up to 70 Lloyd's Names are facing bankruptcy after their attempt to bring Lloyd's to trial for misfeasance in public office failed.
A High Court judge refused the applications, which claimed that Lloyd's was guilty because it failed to keep proper accounts and hid the extent of the losses it faced.
Mr Justice Smith said there was “no real prospect” of proving the claims at a trial.
Lloyd's welcomed the judgment.
"The judgment paves the way for Lloyd's to continue with bankruptcy proceedings (which are currently stayed pending the outcome of the misfeasance applications) against a number of these names who have not settled their liabilities dating back to 1996," it said in a statement.
About 70 of the 100 Names in the case will now be made bankrupt, reports claimed.