Insurance underwriters, Resource Underwriting Ltd, have failed in a last ditch bid to limit a pay-out of more than £1m they face as a result of fraud claims by clients of a McHugh, a firm of Northern Ireland accountants.
The House of Lords upheld an earlier decision by Northern Ireland courts that the cover provided by Resource Underwriting Ltd to McHugh and others was not limited to a aggregate sum of Pounds 1m for all claimants.
McHugh has now successfully argued, that the cover is £1m for each seperate claimant.
Resource faced the claim following discovery in 1995 that a former partner at McHugh had defrauded clients. The total sum the firm is being sued for is betweeh Pounds 1m and Pounds 1.5m.
Resource had sought leave to challenge the earlier decisions, but after considering the matter in private and without giving any reasons publicly for their decision Lords Nicholls, Hutton and Scott refused to give the green light for the case to be considered by the Law Lords.
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