The Court of Appeal today unanimously rejected the case brought by the 'Jaffray Names' against Lloyd's, and upheld the earlier High Court ruling that Lloyd's had not committed fraud.
The Jaffray case began in 1997 when Sir William Jaffray alleged that Lloyd's had downplayed the potential scale of asbestos liabilities to attract Names and their capital to the market.
Lloyd's won the original case in November 2000 and the case went to the Court of Appeal in March this year.
A Lloyd's spokesman said: "The Court of Appeal judges have upheld the earlier ruling of Mr Justice Cresswell in the High Court in November 2000, and have thrown out all allegations of fraud against Lloyd's.
"The Jaffray Names have now had two lengthy and fair hearings and it is time for them to draw a line under this litigation and settle with Lloyd's.
"Today's ruling is welcome. It marks the end of an era and comes as Lloyd's embarks on plans for radical and sensible reform, which have already won widespread support across the market."
The judgment was handed down this morning at the Royal Courts of Justice.
