Lloyd's $65M Stanford Scam Deal OK'd; Attys Get $14M
By Dorothy Atkins (May 16, 2017, 9:50 PM EDT) -- A Texas federal judge approved amid objections on Tuesday a $65 million deal resolving allegations Lloyd's of London and other underwriters should cover losses from R. Allen Stanford's $7 billion Ponzi scheme, and awarded $14 million in attorneys' fees to counsel representing the receiver in the insurance dispute.
U.S. District Judge David C. Godbey said the settlement is fair, because it obtains a payment that represents at least a significant portion, if not more, than the available proceeds of the underwriters' insurance policy. Judge Godbey also rejected objections to the deal's provision barring future claims against the underwriters, saying there would...
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