Page "Lloyd's of London" Paragraph 34
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The ' recruit to dilute ' fraud allegations were heard at trial in 2000 in the case Sir William Jaffray & Others v. The Society of Lloyd's, and the appeal was heard in 2002.
On each occasion the allegation that there had been a policy of ' recruit to dilute ' was rejected, however, at first instance the judge described the Names as the innocent victims [...] of staggering incompetence and at appeal the Court found that representations that Lloyd's had a rigorous auditing system were false ( 376 of the judgment: [...] the answer to the question [...] whether there was in existence a rigorous system of auditing which involved the making of a reasonable estimate of outstanding liabilities, including unknown and unnoted losses, is no.
) and strongly hinted that one of Lloyd's main witnesses, Murray Lawrence, a previous Chairman, had lied in his testimony ( 405 of the judgment: We have serious reservations about the veracity of Mr. Lawrence's evidence [...].
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