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Browse: Home / 2010 / January / 27 / Insurer Lloyd’s Ordered to Pay Defense Counsel’s Fees in Stanford Case

Insurer Lloyd’s Ordered to Pay Defense Counsel’s Fees in Stanford Case

By Securities Docket on January 27, 2010, 1:30 pm

On Tuesday, the judge in Allen Stanford’s criminal case ordered Lloyd’s to pay for the defense of Stanford and his former Chief Investment Officer, Laura Pendergest-Holt, expected to cost well over $20 million.

Stanford and three officers have been charged with running an $8 billion Ponzi scheme. CNBC reports that Lloyd’s had initially agreed to pay for their defense under a director and officer’s insurance policy, but then denied the insurance claims because of evidence that the defendants engaged in money laundering – a violation of the terms of the policy.

Stanford’s attorney, Kent Schaffer, stated that “[w]e are now free to start working on this case without fear that Lloyds will once again be able to pull the plug on us.”

Read the CNBC article

Posted in Criminal | Tagged Fees, Financial Fraud, Stanford Financial

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