Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it.
The action stems from insurance proceeds that Lloyd’s paid to the FDIC under an insurance policy issued to Omni Financial Services for the period of June 9, 2008 through June 9, 2009. The policy was subject to a maximum aggregate liability limit of $10 million for the policy period.
