Gooda names win £210m

A judge yesterday agreed to award a £210m interim payment to 3,000 Gooda Walker syndicate Lloyd's names after a High Court ruling in October that they were the victims of negligence.

The names are hoping for £504m in total when the judge, Mr Justice Philips, makes a final award in March. However, the names still have a number of legal hurdles to clear before they can be certain of getting their money, including today's award.

The Lloyd's market authorities want the money paid into the names trust funds held at Lloyd's. The authorities want to make sure the money is used to pay off the names' original losses, some of which have been met by the market.

The names are challenging Lloyd's plan to intercept the payment and a hearing is expected in the courts shortly to determine whether Lloyd's can do so. Michael Deeny, chairman of the Gooda walker names, said he was "delighted" with the decision.