CONTINGENT COMMISSION PUTATIVE CLASS ACTION FILED AGAINST LLOYD’S SYNDICATES AND BROKERS
A putative class action case has been filed in United States District Court in Miami against a number of Lloyd's syndicates, three Marsh entities, two Aon entities and two Willis entities, alleging wrongful conduct in the payment of undisclosed contingent commissions and undisclosed conflicts of interest in the placement of insurance. The Complaint alleges federal and state antitrust, federal RICO, fiduciary duty, aiding and abetting breach of fiduciary duty, breach of contract, civil conspiracy, and unjust enrichment claims. The case was filed by a group of law firms, some of which have significant experience as class counsel in insurance sales practice cases. Although reinsurance is not specifically mentioned, and the coverages at issue are direct writings, this may be of interest since it challenges practices in placements with Lloyd's syndicates. Lincoln Adventures, LLC v. Those Certain Underwriters at Lloyd's, London, Case No. 07-60991 (USDC S.D. Fla. July 13, 2007).
