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The Society of Lloyd’s v. Ashenden
United States Court of Appeals for the Seventh Circuit
233 F.3d 473 (2000)
The Society of Lloyd’s (Lloyd’s) (plaintiff) was a foreign corporation that managed insurance syndicates composed of American members (defendants). Lloyd’s maintained contracts with the American members; the contracts allowed Lloyd’s to conclusively determine the assessment amounts owed by members and required the members to pay their assessments to Lloyd’s first (or allowed Lloyd’s to collect the assessments) before the members could sue Lloyd’s for offsetting amounts. Following proceedings before an English court, Lloyd’s obtained money judgments against the members for assessments owed to Lloyd’s and initiated action in Illinois district court to collect on the judgments pursuant to the Uniform Foreign Money Judgments Recognition Act. The district court granted summary judgment for Lloyd’s. The American members appealed.
Rule of Law
Holding and Reasoning (Posner, J.)
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