LMI Wants $50M Policy Out Of Stanford Defense Kitty

Law360, New York (November 19, 2009, 2:35 PM EST) -- Clarification is imminent on a contested $50 million Lloyd's of London insurance policy issued to alleged Ponzi artist R. Allen Stanford and other executives at his Stanford International Bank and related entities, as the insurer has sued for declaratory relief in an effort to avoid funding the accused fraudsters' criminal defense.

Certain Underwriters at Lloyd's London Market Insurance Co. has asked Judge David C. Godbey of the U.S. District Court for the Northern District of Texas to absolve it from defending Stanford and associates James Davis,...
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