In the latest development in a long-running battle over whether Allen Stanford and others’ legal fees must be covered by Lloyds of London, the U.S. Court of Appeals for the Fifth Circuit ruled Monday that Lloyd’s must pay claims related to Stanford’s defense.
A district court ruled in January that Lloyd’s was required to pay these legal fees, but Lloyd’s had appealed that decision to the Fifth Circuit. Reuters reports that the appellate ruling instructs the district court to hear additional arguments on the coverage question, but that Lloyd’s must pay in the meantime.
