Stanford Receiver, Investors Seek OK Of $120M Willis Deal

By Stewart Bishop (September 7, 2016, 8:45 PM EDT) -- The receiver overseeing recovery for victims of R. Allen Stanford's $7 billion Ponzi scheme and investors on Wednesday asked a Texas federal judge to sign off on a $120 million settlement with insurance brokerage Willis Towers Watson Public Ltd. Co.

Willis had been accused of aiding Stanford's scheme by vouching for him and his insurance policies in letters to investors, mainly in Latin America, which investors claim helped convince Stanford's victims that their investments were safe and insured.

The receiver, Ralph S. Janvey, as well as a Stanford investor committee and multiple class action plaintiffs, asked U.S. District Judge David C....

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