Lawyers take all
THIS WEEK'S cautionary tale from Lloyd's of London comes at the expense of 44 mem- bers who suffered at the hands of Oakeley Vaughan. They tried the effect of suing Lloyd's for failing in its duty of care. The case went against them, they have dropped their appeal, and now they are liable for Lloyd's costs as well as their own — perhaps £1 mil- lion in all. They are warned that the liability is joint and several, so that if 43 of them can't or don't pay, the last one is caught for the full million. They have taken legal advice about the bills sent by their legal advisers. Their new advisers say (just like their old advisers) that they have an excellent case. Lloyd's liti- gation could, on the estimate of the judge in charge, fill the courts for the next five years — or until there is no more money left to pay the lawyers.
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