5th Circ. Sinks $65M Stanford Insurance Scam Deal
Law360 (June 17, 2019, 6:58 PM EDT) -- The Fifth Circuit on Monday vacated a $65 million deal ending claims that Lloyd's of London and other underwriters should cover losses from R. Allen Stanford's $7 billion Ponzi scheme, taking issue with a provision that barred future claims against the underwriters.
A three-judge panel said a Texas federal court overstepped when it approved a settlement between the receiver in the dispute, an investor committee and underwriters that prevented certain individuals from seeking coverage from the underwriters despite being coinsured.
"Although we sympathize with the impetus to settle difficult and atomized issues of insurance coverage rather than dissipate receivership assets in litigation,...
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