Stanford's Lies Preclude Coverage, Lloyd's Says

Law360, New York (August 25, 2010, 7:03 PM EDT) -- Attorneys at Lloyd’s of London have reportedly told a judge that the insurer should not have to pay the legal costs for alleged Ponzi schemer Robert Allen Stanford because his lies to investors disqualify him from coverage.

Akin Gump Strauss Hauer & Feld LLP attorney Barry Chasnoff, who represents Lloyd’s, told Judge Nancy Atlas of the U.S. District Court for the Southern District of Texas on Tuesday that the insurer’s policy does not pay out in cases of money laundering by a director or officer, the...
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