Lloyd’s Names lose regulation case against HM Treasury

Lloyd’s Names have had their class-action style lawsuit against the UK government thrown out of court after the judge ruled that there was no legal basis for such a claim. Over 1,000 Names were granted a group litigation order in 2004 to challenge the regulation of the Lloyd’s market, over-seen by HM Treasury during the period of time in question, but Justice Gordon Langley said: “There is no grant of rights to Names on whatever basis they seek to claim it. It follows that the claims fail.”