LOUIS F. ALLEN; CARL K. BAKER; JOYCE P. BAKER; PETER D. BERRINGTON; OLIVER BIRCKHEAD; FLORENCE BLAUSTEIN, MARY L. BRAY; T. K. BROOKER; DONALD J. BROOKS; JOSEPH CALLAGHAN; JAMES CASSEL; TERRY G. CHAPMAN; J. A. CLAWSON; JOHN K. COLVIN; FRED B. COX; JOHN RAWLYN CHARLES CRABTREE; CHRISTOPHER P. CLUP; GORDON C. DAVIDSON; RUTHERFORD DAY; DONALD D. DOTY; M. D. A. EMBLIN; AUDREY FISHER; DONALD B. GIMBEL; KENNETH J. GIMBEL; KATHERINE GOOCH; B. G. HARRISON; YUMIKO HONDA; HERBERT W. HOOVER, III; MARGARET W. JONES; DONALD K. KENT; E. R. KINNEBREW, III; WALTER J. LEVY; ROLAND LEY; SUZANNE RHULEN LOUGHLIN; GEORGE C. LYMAN, JR.; CHARLES P. LYON; MICHAEL L. MCDERMOTT; ROBERT T. MCINERNY; ARTHUR G. MICHELS; WALTER P. MUSKAT; WALTER W. MUSKAT; A. D. PISTILLI; ROBERT A. POSNER; JUDSON P. REIS; HARRY W. RHULEN; WALTER A. RHULEN; J. O. RICKE; E. JOY ROSE; MARK S. ROSE; A. F. SMITH; OWN B. TABOR; ALLEN M. TAYLOR; TRUDE C. TAYLOR; KARL ARONSON; JOAN R. FARROW AND JONATHAN M. FARROW FOR THE ESTATE OF JESSE M. FARROW; JACK FLECK; MARILYN FRANCKX; ISABEL L. GALLAGHER; JENNIFER A. GALLAGHER; MARY CLAIR GALLAGHER; ROBERT E. GALLAGHER; ROBERT E. GALLAGHER, JR.; THOMAS J. GALLAGHER; THOMAS H. GREEN; HENRY G. HAGER; THORNTON HUTCHINS; VINCE A. KONEN; C. C. LUCAS; HERBERT A. MIDDENDORFF; ROBERT S. DENEBEIM; DANA FISHER, SR.; WILLIAM ALEXANDER FLORENCE; ANNE M. GALLAGHER; J. PATRICK GALLAGHER; MARK E. GALLAGHER; MARY CLAIRE GALLAGHER AS EXECUTRIX FOR JOHN P. GALLAGHER; KATHERINE GALLAGHER GOESE; ALLEN S. GREEN; ROBERT W. HATCH; MARY CLAIR G. JOHNSON; THOMAS V. LEEDS; GUY A. MAIN; EUGENE F. MIDDLEKAMP; MICHAEL MONTANA; BARBARA H. PISANI; RICHARD B. SANDERS; JACK R. TAYLOR; KEN NOACK; ROBERT L. PISANI; LARRY D. STROUP; NEVILLE G. WILLIAMS, Plaintiffs - Appellees, v. LLOYD'S OF LONDON, an unincorporated association; CORPORATION OF LLOYD'S, a/k/a Society and Council of Lloyd's; COUNCIL OF LLOYD'S Defendants - Appellants, and EQUITAS HOLDINGS LIMITED; EQUITAS REINSURANCE LIMITED; EQUITAS LIMITED, a/k/a Equitas or Equitas Group, Defendants, ASSOCIATION OF LLOYD'S MEMBERS; GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND; NATIONAL ASSOCIATION OF INSURANCE BROKERS; CALIFORNIA INSURANCE COMMISSIONER, Amici Curiae., 94 F.3d 923
Summary
One defendant announced a plan of reconstruction and renewal to restructure its market's reinsurance needs and to revitalize the market. The plan included an offer by its managers to settle all intra-market disputes, including existing and potential lawsuits by members of the market who underwrote insurance there. Plaintiffs were American members of the market. Plaintiffs filed suit in the United States seeking to enjoin defendant from forcing plaintiffs to make an irrevocable election respecting their investment. Plaintiffs demanded more information about the plan and claimed that defendant was denying them disclosure rights guaranteed by United States securities laws. On appeal, the court determined that the contractual provisions among the parties selecting the law of and the forum of the United Kingdom should have been enforced.