Lloyd’s loses Stanford D&O appeal
The Lloyd's and London market directors' and officers' (D&O) insurers that underwrote the $90mn+ policy for Stanford Financial Group (SFG) executives must pay-out the insureds' defence costs even though they may be later found guilty of fraud and the claim become invalid, US appeal judges have ruled.
On 15 March a panel of US federal appellate judges upheld a first instance decision compelling five Lime Street insurers to pay defence costs for disgraced financier Allen Stanford and his associates.
Ace,...
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