Lloyd's has taken a further step forward in recovering debt from Names.
A Canadian court has granted Lloyd's an order allowing it to register English judgements in Ontario against five Canadian Names for non-payment of debt.
Another 83 Canadian Names have agreed to be bound by the outcome of the case.
This agreement allows Lloyd's to begin recovering approximately £20m of debts in Canada.
The judgement relates to a settlement offer made to its 34,000 Names in 1996 following losses for the market of £8.1b during the years 1988-92. The UK courts ruled debts could be enforced against those Names who did not accept settlement by Lloyd's.
The Ontario Superior Court of Justice rejected claims made by Names that Lloyd's had contravened the Ontario Securities Act, and English judgements should not be recognised in Ontario on the basis that the Names have been deprived of a fair trial in England.
Honourable Madam Justice Katherine Swinton also rejected claims made by the Names that the judgements should not be registered because of allegations of fraud made against Lloyd's in the Jaffray case.
Philip Holden, head of Lloyd's Financial Recovery said: "This judgement follows similar decisions in Illinois and New York (in the United States of America) last year. Lloyd's is now taking further steps to register and enforce its judgements against US Names."
