Panel to oversee Lloyd's names settlement

LONDON - Lloyd's has agreed to establish an independent panel to decidefinal settlements of debts still owed by former names who did not acceptReconstruction and Renewal. The move had been recommended by Mr JusticeCresswell after he last month cleared the market of fraud allegations madeby Sir William Jaffray and 200 plus other names. In January they will beasked to pay between 30 and 35% of their outstanding liabilities, plus legalcosts as a final settlement. The panel of three people, including one memberof the Council of Lloyd's, will consider arguments regarding individuals'ability to pay this amount. "Names must understand that this is the last andbest offer through which they will be able to settle their outstandingliabilities," Charles Aldous, representing Lloyd's, told the High Courtyesterday.