Decision ID: 000914

In October 1998 the 1971 Fund Executive Committee decided that the Fund should oppose a legal action taken by a claimant against the Fund requesting declaration judgements to the effect that the Fund was not entitled to take into account payments made prior to the establishment of liability on the part of the shipowner/insurer when calculating the upper limit of the Fund’s liability and that the liability of the 1971 Fund should be calculated by reference to the market value of gold and not the Special Drawing Right.