Lloyd's Must Cover Stanford Defense: 5th Circ.

By Richard Vanderford

Law360, New York (March 16, 2010, 7:10 PM ET) -- Lloyd's of London underwriters must pay the defense costs of accused Ponzi schemer Robert Allen Stanford at least for now, a federal appeals court has ruled, upholding a lower court decision.

Lloyd's will be on the hook for Stanford's criminal and civil defense unless and until it wins a lower court judgment otherwise, the U.S. Court of Appeals for the Fifth Circuit ruled Monday.

The decision upholds a preliminary injunction granted in January by the U.S. District Court for the Southern District of Texas.

The insurer,...
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