5th Circ. Won't Rehear Nix Of $65M Stanford Ponzi Deal
Law360 (October 23, 2019, 10:44 PM EDT) -- The full Fifth Circuit on Wednesday declined to rehear an insurance dispute involving R. Allen Stanford's $7 billion Ponzi scheme, shooting down Lloyd's of London and a receiver who looked to challenge the panel's June order sinking a $65 million settlement.
The settlement ended claims that Lloyd's and other underwriters should cover losses from the Ponzi scheme. But in June, the three-judge panel ruled that a Texas federal court overstepped when it approved the deal, taking issue with a provision that prevented certain individuals from seeking coverage from the underwriters despite being coinsured.
Lloyd's and the receiver, Ralph Janvey, argued in...
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