A US appeals court has upheld a petition by Lloyd's of London, staying an injunction by a district court that had blocked a recovery plan for the 308-year-old insurance firm, a Lloyd's spokesman said yesterday.

"It was a complete victory for Lloyd's," said spokesman, Mr David Kronfeld.

The ruling was issued by a three-judge panel at the US Court of Appeals in Baltimore, Maryland following an appeal by Lloyd's against a decision last Friday by US District Court Judge Robert Payne, in Richmond, Virginia. Judge Payne's order had held up implementation of a $5 billion reconstruction plan that Lloyd's had devised following record losses.

The judge had ordered Lloyd's to provide its US investors, who are known as Names, with full financial disclosure by September 23rd.