British pensions firm Standard Life
The Commercial Court backed Standard Life on Wednesday, but the insurers have been allowed to appeal, and the case is unlikely to be heard until the autumn, the company said in a statement.
Standard Life, Britain's fifth-biggest insurer, took legal action in October against 11 insurers including ACE
Standard Life agreed to replenish the fund in February 2009 after customers complained they had been given the impression it was invested in cash, whereas it was in fact also exposed to asset-backed securities, which fell heavily in value after the failure of Lehman Brothers.
The court case will have no impact on Standard Life's 2011 financial results, due to be published on March 14, the company said.
(Reporting by Myles Neligan; Editing by Elaine Hardcastle)