Lloyd's dodges big bullet on appeal; a ruling that its insurance contracts are subject to SEC regulation is reversed

Article Abstract:

Allen v. Lloyd's of London was an Aug 23, 1996, federal district court ruling that the British insurance market had to follow investor-friendly American securities law, but four days later, the US Court of Appeals for the 4th Circuit reversed this ruling and ordered the district judge to dismiss the case. The 4th Circuit thus removed the key legal hurdle to Loyd's $4.8 bil Equitas plan to recue itself from $12 bil in losses. The company said it needed approval of most of 34,000 investors worldwide by an Aug 28, 1996, deadline to avoid being declared insolvent under British law.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, United States, Insurance industry, Lloyd's of London

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Huge fines on strikers upheld

Article Abstract:

The United Mine Workers Union plans to fight court reinstatement of millions of dollars in civil contempt fines in connection with the strike against Pittston Coal Group Inc. The fines were levied for violence during a 10-month strike against Pittston but when the strike was settled, the court had set aside some fines. The Virginia Court of Appeals has rejected the union contention that these were criminal fines which could only be imposed if the union had enjoyed the same constitutional protections as a criminal defendant.

Strikes, United Mine Workers, Fines (Penalties)

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An embattled DA prepares for a trial - his own

Article Abstract:

Joseph D. Morrissey, commonwealth's attorney in Richmond, VA, has been indicted on five felony charges including three bribery counts in connection with his position, misuse of public funds for using office staff for political purposes, and perjury for filing a false campaign finance statement. Morrissey claims the charges are an establishment ploy to get rid of him.

Public prosecutors, Morrisey, Joseph D.

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