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Lloyd's 6-year court fights ends in state seizure
Donuts on a silver platter greeted State Board of Insurance workers last week as they put Dallas-based Lloyds U.S. Corp. into receivership.
Few of the 30 insurance regulators who entered Lloyds U.S.'s downtown offices Thursday were distracted by the unusual twist, but one puzzled regulator was taken aback: "Look at those donuts in there."
The donuts -- which employees described as an ironic twist by Lloyds U.S. owner Robert Davis in the face of the inevitable loss of his company -- punctuated a suitably bizarre ending to six years of legal wrangling that has enthralled industry observers with claims of high-level bribery, fraud, financial ruin and a tax decision that cost the giant Lloyds of London an estimated $2 billion.
The regulators staged the early-morning invasion at Lloyds U.S., which has been under state supervision since earlier …