Louis F. ALLEN; Carl K. Baker; Joyce P. Baker; Peter D. Berrington; Oliver Birckhead; Florence Blaustein, Mary L. Bray; T.K. Brooker; Donald J. Brooks; Joseph Callaghan; James Cassel; Terry G. Chapman; J.A. Clawson; John K. Colvin; Fred B. Cox; John Rawlyn; Charles Crabtree; Christopher P. Clup; Gordon C. Davidson; Rutherford Day; Donald D. Doty; M.D.A. Emblin; Audrey Fisher; Donald B. Gimbel; Kenneth J. Gimbel; Katherine Gooch; B.G. Harrison; Yumiko Honda; Herbert W. Hoover, III; Margaret W. Jones; Donald K. Kent; E.R. Kinnebrew, III; Walter J. Levy; Roland Ley; Suzanne Rhulen Loughlin; George C. Lyman, Jr.; Charles P. Lyon; Michael L. McDermott; Robert T. McInerny; Arthur G. Michels; Walter P. Muskat; Walter W. Muskat; A.D. Pistilli; Robert A. Posner; Judson P. Reis; Harry W. Rhulen; Walter A. Rhulen; J.O. Ricke; E. Joy Rose; Mark S. Rose; A.F. Smith; Own B. Tabor; Allen M. Taylor; Trude C. Taylor; Karl Aronson; Joan R. Farrow and Jonathan M. Farrow for the Estate of Jesse M. Farrow; Jack Fleck; Marilyn Franckx; Isabel L. Gallagher; Jennifer A. Gallagher; Mary Claire Gallagher; Robert E. Gallagher; Robert E. Gallagher, Jr.; Thomas J. Gallagher; Thomas H. Green; Henry G. Hager; Thornton Hutchins; Vince A. Konen; C.C. Lucas; Herbert A. Middendorff; Robert S. Denebeim; Dana Fisher, Sr.; William Alexander Florence; Anne M. Gallagher; J. Patrick Gallagher; Mark E. Gallagher; Mary Claire Gallagher as Executrix for John P. Gallagher; Katherine Gallagher Goese; Allen S. Green; Robert W. Hatch; Mary Clair G. Johnson; Thomas V. Leeds; Guy A. Main; Eugene F. Middlekamp; Michael Montana; Barbara H. Pisani; Richard B. Sanders; Jack R. Taylor; Ken Noack; Robert L. Pisani; Larry D. Stroup; Neville G. Williams, Plaintiffs — Appellees,
v.
LLOYD'S OF LONDON, an unincorporated association; Corporation of Lloyd's, a/k/a Society and Council of Lloyd's; Council of Lloyd's, Defendants — Appellants,
and
Equitas Holdings Limited; Equitas Reinsurance Limited; Equitas Limited, a/k/a Equitas or Equitas Group, Defendants,
Association of Lloyd's Members; Government of the United Kingdom of Great Britain and Northern Ireland; National Association of Insurance Brokers; California Insurance Commissioner, Amici Curiae.
United States Court of Appeals, Fourth Circuit.https://leagle.com/images/logo.png
Argued August 27, 1996.
Decided September 3, 1996.
Attorney(s) appearing for the Case
ARGUED: Harvey L. Pitt, Fried, Frank, Harris, Shriver & Jacobson, New York City, for Appellants. Alexander Stephens Clay, IV, Kilpatrick & Cody, Atlanta, Georgia, for Appellees. ON PLEADINGS: Michael H. Rauch, Bonnie Steingart, Fried, Frank, Harris, Shriver & Jacobson, New York City; Cynthia T. Andreason, LeBoeuf, Lamb, Greene & MacRae, L.L.P., Washington, DC; Henry H. McVey, Warren E. Zirkle, Darryl S. Lew, McGuire, Woods, Battle & Boothe, L.L.P., Richmond, Virginia, for Appellants. Richard R. Cheatham, Susan A. Cahoon, Stephen E. Hudson, Christopher B. Lyman, Kilpatrick & Cody, Atlanta, Georgia; Conrad M. Shumadine, Walter D. Kelley, Jr., Willcox & Savage, Norfolk, Virginia, for Appellees. Timothy M. Kaine, Rhonda M. Harmon, Mezzullo & McCandlish, Richmond, Virginia, for Amicus Curiae Association of Lloyd's Members. Mark R. Joelson, Joseph P. Griffin, Thomas J. O'Brien, Morgan, Lewis & Bockius, L.L.P., Washington, DC, for Amicus Curiae United Kingdom. Ronald A. Jacks, David M. Spector, Mayer, Brown & Platt, Chicago, Illinois, for Amicus Curiae NAIB; Martin Shulman, Paul H. Falon, Manatt, Phelps & Phillips, L.L.P., Washington, DC; Richard A. Brown, Leonard D. Venger, Donald R. Brown, Manatt, Phelps & Phillips, L.L.P., Los Angeles, California; William W. Palmer, General Counsel, California Department of Insurance, San Francisco, California, for Amicus Curiae Insurance Commissioners.
Before NIEMEYER, MICHAEL, and MOTZ, Circuit Judges.
United States Court of Appeals, Fourth Circuit.
Reversed and remanded by published opinion. Judge NIEMEYER wrote the opinion, in which Judge MICHAEL and Judge MOTZ joined.
NIEMEYER, Circuit Judge:
In 1995, Lloyd's of London announced a $22 billion "Plan for Reconstruction and Renewal" to restructure the Lloyd's market's reinsurance needs and to revitalize the market. The Plan included an offer by Lloyd's managers to settle, for $4.8 billion, all intramarket disputes, including existing and potential lawsuits...
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