Lloyds proposal for Irish investors

 

MANY Irish investors who suffered heavy investment losses in the Lloyds of London insurance market wills receive an initial offer for compensation from the British insurer next week.

In a move towards completing what is expected to be a £2.8 billion one off settlement with 30,000 investors or Names, Lloyds will make an indicative offer of compensation to investors on Friday.

A spokesman for Lloyds said yesterday that, subject to agreement with the Names, many of whom are Irish, a formal offer will be made in May.

In what it says are "indicative statements", the insurer will be setting out the likely amount of compensation that individual members of insurance syndicates are now entitled to.

It is understood that most Irish Names were part of the Gooda Walker syndicate, which won a London High Court action for negligence against Lloyds in 1994. Other syndicates have also taken successful legal action against Lloyds seeking compensation for investment losses.

Lloyds Names in Ireland have included Lord Mount Charles Lord Killanin, the former Green Party TD, Mr Roger Garland, and the boxing promoter, Mr Barney Eastwood, although not all of these would have been involved in the Gooda Walker syndicate.