Lloyd’s of London syndicates RICO $7.9M class action settlement

Update:

• The court granted this settlement final approval on Dec. 18, 2023.
• Let Top Class Actions know when you receive a check in the comments section below or on our Settlements & Payouts Facebook group.

Lloyd’s London agreed to a $7.9 million class action lawsuit settlement to resolve claims that certain Lloyd’s syndicates violated the federal Racketeer Influenced and Corrupt Organizations Act (RICO) with an illegal anti-competition agreement.

The settlement benefits individuals and entities who purchased or renewed an insurance contract with a Lloyd’s underwriter from syndicates 510, 1084, 1096 and 1245 between Jan. 1, 1997, and June 15, 2023.

Plaintiffs in the class action lawsuit claim that the Lloyd’s syndicates intentionally concealed the fact that there was no competition in the Lloyd’s market. This scheme allegedly violated RICO and other laws.

Lloyd’s of London, known simply as “Lloyd’s,” is a global insurance company that claims to be the “world’s leading insurance marketplace.”

The Lloyd’s London syndicates haven’t admitted any wrongdoing but agreed to a $7.9 million settlement to resolve the RICO class action lawsuit. The syndicates agreed to a similar settlement in 2019.

Under the terms of the Lloyd’s syndicate settlement, class members can receive a cash payment based on the premiums they paid and other policy details after attorneys’ fees and other expenses are deducted from the settlement fund. No payment estimates are available at this time.

The deadline for exclusion and objection is Nov. 23, 2023.

The final approval hearing for the Lloyd’s syndicate settlement is scheduled for Dec. 14, 2023.

To receive a settlement payment, class members must submit a valid claim form by Dec. 21, 2023. Class members who previously filed a claim in the 2019 Lloyd’s settlement are not required to resubmit their claims unless they have an additional claim against the defendants from March 25, 2019, to June 15, 2023.

Who’s Eligible

Individuals and entities who purchased or renewed an insurance contract with a Lloyd’s underwriter from syndicates 510, 1084, 1096 and 1245 between Jan. 1, 1997, and June 15, 2023

Potential Award

Varies

Proof of Purchase

Policy and syndicate information.

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

12/21/2023

Case Name

Lincoln Adventures LLC, et al. v. Those Certain Underwriters at Lloyd’s London Members of Syndicates, et al., Case No. 2:08-cv-00235-CCC-ESK, in the U.S. District Court for the District of New Jersey

Final Hearing

12/14/2023

Settlement Website

SyndicateSettlement.com

Claims Administrator

Syndicate Settlement
c/o A.B. Data, Ltd.
PO Box 173075
Milwaukee, WI 53217
info@SyndicateSettlement.com
877-298-4134

Class Counsel

Rachel L Jensen
ROBBINS GELLER RUDMAN & DOWD LLP

Robert S Schachter
ZWERLING SCHACHTER & ZWERLING LLP

Defense Counsel

Matthew M Burke
ROBINSON & COLE LLP