The Lloyd’s Names who have fought a marathon series of court battles against the market with allegations of fraud have again been rebuffed by the British Court of Appeal. But the 200 or so Names will still fight on through the European Community system.

Led by Sir William Jaffray, they allege Lloyd’s had concealed asbestos exposures to attract new investors. In a statement on Friday, Lloyd’s said the rebel Names “have now had two lengthy and fair hearings and it is time for them to draw a line under this litigation and settle with Lloyd’s”.

The European Commission began proceedings against the British Government last December, alleging it failed to ensure Lloyd’s had enough cash to pay claims and that it was properly regulated. The case will begin in the northern autumn.