• Home
  • About
  • Webcasts
  • ‘Enforcement 40’ for 2020
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Securities-Docket-Leaderboard_9Sec
  • Class Actions
  • Criminal
  • Global
  • People
  • SD Insider
  • SEC
  • Video
  • Subscribe by email
  • Subscribe
Browse: Home / 2010 / March / 03 / Fifth Circuit Hears Stanford Insurance Coverage Dispute

Fifth Circuit Hears Stanford Insurance Coverage Dispute

By Amanda Harding on March 3, 2010, 7:42 am

On Thursday, a three-judge panel of Fifth Circuit judges heard oral argument regarding the insurance coverage dispute concerning R. Allen Stanford and three other Stanford Financial Group employees. The dispute involves the advancement of defense costs to Stanford Financial directors and officers.

The Texas Lawyer reports that certain underwriters want the panel to overturn a decision made by U.S. District Judge David Hittner, in which Hittner issued a preliminary injunction that orders underwriters at Lloyd’s of London and Arch Specialty Insurance Co. to advance defense costs to the four former Stanford Financial executives who have a civil suit and criminal charges pending against them.

According to the Texas Lawyer, the underwriters argued that they should not have to pay under the company’s directors-and-officers policy because the defendants allegedly engaged in money laundering. The panel reportedly focused on who had the right to decide whether the money laundering exclusion applied to the defendants.

Read the Texas Lawyer article

Blog Widget by LinkWithin

Posted in Criminal | Tagged Fees, Stanford Financial

« Previous Next »

‘Enforcement 40’ for 2020

Securities-Docket_Medium-Rectangle_CaseStudyArrow

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2021 Securities Docket.

Powered by WordPress and Hybrid.