Certain Lloyd’s investors will file suit over losses.

Investors in Lloyd’s of London insurance syndicates have decided to sue in British and American courts against underwriting losses that they face totaling almost $170 million. At a meeting attended by about 300 of the 450 investors in three different syndicates, a unanimous decision was taken to pursue legal action. The investors are alleging that fraud and mismanagement is to blame for their losses. Lloyd’s has announced that it is setting up an inquiry into the conduct of the syndicates.