LA BANQUE FINANCIÈRE DE LA CITÉ S.A. (formerly BANQUE KEYSER ULLMANN EN SUISSE S.A.) v. SKANDIA (U.K) INSURANCE CO. LTD. WESTGATE INSURANCE CO. LTD. (formerly HODGE GENERAL & MERCHANTILE INSURANCE CO. LTD.) AND OTHERS

[1990] 2 Lloyd's Rep. 377

HOUSE OF LORDS

Before Lord Bridge of Harwich, Lord Brandon of Oakbrook, Lord Templeman, Lord Ackner and Lord Jauncey of Tullichettle

Insurance (Credit) - Fraud - Banks made loans to borrowers - Gemstones lodged with banks as security - Credit insurance policy issued to borrowers to cover loans - Value of gemstones proved negligible - Banks claimed reimbursement under policies - Underwriters alleged fraud - Whether underwriters liable.