Lloyd's Off Hook For Stanford's Legal Costs

Law360, New York (October 13, 2010, 5:06 PM EDT) -- Lloyd’s of London does not have to pay the legal fees of alleged Ponzi schemer Robert Allen Stanford and two former Stanford Financial Group Co. executives under a directors and officers policy, a federal judge decided Wednesday.

Judge Nancy F. Atlas of the U.S. District Court for the Southern District of Texas found that the insurer had shown a “substantial likelihood" that the evidence would show the policy's money laundering exclusion applies to Stanford, Gilbert Lopez Jr. and Mark Kuhrt.

As such, Lloyd's has no obligation...
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