Descendants of black American slaves are to sue Lloyds of London for insuring ships used in the trade.
High-profile US lawyer Edward Fagan, who secured settlements from Swiss companies in the Nazi gold case, is taking the action for 10 plaintiffs.
He says by underwriting slave ships in the 1700-1800s the UK's oldest insurance firm played a significant role.
The action, to be lodged on Monday, will claim defendants still suffer.
The American plaintiffs have produced DNA evidence they say links them with ancestors on recorded slave ships which sailed between Africa and the United States.
One says he has the insurance documents from when Lloyds of London underwrote the ship his ancestors were on.
Lloyds knew what they were doing led to the destruction of indigenous populations
Edward Fagan
US lawyer
Mr Fagan is heading the action against several parties including Lloyds.
He forced Swiss companies into a £1.25bn settlement on behalf of Nazi victims and is also leading a claim against companies for their role in South Africa under apartheid.
He told the BBC: "Lloyds was one of the spokes in a hub-and-spoke conspiracy.
'Ongoing injuries'
"Lloyds knew what they were doing led to the destruction of indigenous populations.
"They took people, put them on board ships and wiped out their identities"
He denied events were too far in the past.
"There's ongoing injuries that these people suffer from".
"Why is it too far fetched to say blacks should be entitled to compensation for damages and genocide committed against them when every other group in the world that has been victimised in this way has been."
Lloyds was founded in 17th Century London dockside coffee houses by Edward Lloyd.
'Denied identity'
It provided cover for merchants taking slaves and goods between Africa, the Americas and the Caribbean at a time when many vessels sank or fell victim to pirates.
Britain abolished slavery in the 1830s and the US followed 30 years later.
I suffer from the injury of not knowing who I am, having no nationality or ethnic group
Deadria Farmer-Paellman
Slave descendant
During the trade more than 10 million people are estimated to have been traded at West African ports and herded on to slave ships.
One plaintiff, Deadria Farmer-Paellman said the slave trade denied her identity.
"Today I suffer from the injury of not knowing who I am, having no nationality or ethnic group as a result of acts committed by these parties," she said.
Lawyers in the UK have welcomed the case.
'Glossed over'
Barrister Lincoln Crawford OBE chairs the Home Office working party on slavery and is a member of the Race Equality Advisory Panel.
He said it highlighted an important event that "cannot be glossed over".
"There is no doubt that slavery was a crime against humanity and for a lot of black people the consequences of slavery still exist today.
It's a bit like saying the manufacturer of guns facilitated the killing
Fraser Whitehead
Lawyer
He said it was hard to see how they would win but added, "I would like them to".
Lawyer Fraser Whitehead, the Law Society's former head of civil litigation, said the case was not about "compensation culture".
"This is about trying to teach people who step out of order that 'someone someday is going to get you for this'.
"Lloyds should take it seriously but from a legal point of view they would be unlucky if this is successful."
Points to prove
Lawyers will have to show the victims have a right to know their identity, the trade was genocide and that Lloyds can be held accountable for past actions.
It would be hard to prove that by insuring the merchants, Lloyds supported the trade, said Mr Whitehead.
"It's a bit like saying the manufacturer of guns facilitated the killing."
A Lloyds spokeswoman said: "We haven't seen this claim, so we are not in a position to comment.
"Previous claims regarding slavery involving Lloyd's have been dismissed with prejudice."
http://news.bbc.co.uk/1/hi/uk/3578863.stm
High-profile US lawyer Edward Fagan, who secured settlements from Swiss companies in the Nazi gold case, is taking the action for 10 plaintiffs.
He says by underwriting slave ships in the 1700-1800s the UK's oldest insurance firm played a significant role.
The action, to be lodged on Monday, will claim defendants still suffer.
The American plaintiffs have produced DNA evidence they say links them with ancestors on recorded slave ships which sailed between Africa and the United States.
One says he has the insurance documents from when Lloyds of London underwrote the ship his ancestors were on.
Lloyds knew what they were doing led to the destruction of indigenous populations
Edward Fagan
US lawyer
Mr Fagan is heading the action against several parties including Lloyds.
He forced Swiss companies into a £1.25bn settlement on behalf of Nazi victims and is also leading a claim against companies for their role in South Africa under apartheid.
He told the BBC: "Lloyds was one of the spokes in a hub-and-spoke conspiracy.
'Ongoing injuries'
"Lloyds knew what they were doing led to the destruction of indigenous populations.
"They took people, put them on board ships and wiped out their identities"
He denied events were too far in the past.
"There's ongoing injuries that these people suffer from".
"Why is it too far fetched to say blacks should be entitled to compensation for damages and genocide committed against them when every other group in the world that has been victimised in this way has been."
Lloyds was founded in 17th Century London dockside coffee houses by Edward Lloyd.
'Denied identity'
It provided cover for merchants taking slaves and goods between Africa, the Americas and the Caribbean at a time when many vessels sank or fell victim to pirates.
Britain abolished slavery in the 1830s and the US followed 30 years later.
I suffer from the injury of not knowing who I am, having no nationality or ethnic group
Deadria Farmer-Paellman
Slave descendant
During the trade more than 10 million people are estimated to have been traded at West African ports and herded on to slave ships.
One plaintiff, Deadria Farmer-Paellman said the slave trade denied her identity.
"Today I suffer from the injury of not knowing who I am, having no nationality or ethnic group as a result of acts committed by these parties," she said.
Lawyers in the UK have welcomed the case.
'Glossed over'
Barrister Lincoln Crawford OBE chairs the Home Office working party on slavery and is a member of the Race Equality Advisory Panel.
He said it highlighted an important event that "cannot be glossed over".
"There is no doubt that slavery was a crime against humanity and for a lot of black people the consequences of slavery still exist today.
It's a bit like saying the manufacturer of guns facilitated the killing
Fraser Whitehead
Lawyer
He said it was hard to see how they would win but added, "I would like them to".
Lawyer Fraser Whitehead, the Law Society's former head of civil litigation, said the case was not about "compensation culture".
"This is about trying to teach people who step out of order that 'someone someday is going to get you for this'.
"Lloyds should take it seriously but from a legal point of view they would be unlucky if this is successful."
Points to prove
Lawyers will have to show the victims have a right to know their identity, the trade was genocide and that Lloyds can be held accountable for past actions.
It would be hard to prove that by insuring the merchants, Lloyds supported the trade, said Mr Whitehead.
"It's a bit like saying the manufacturer of guns facilitated the killing."
A Lloyds spokeswoman said: "We haven't seen this claim, so we are not in a position to comment.
"Previous claims regarding slavery involving Lloyd's have been dismissed with prejudice."
http://news.bbc.co.uk/1/hi/uk/3578863.stm
