Stanford loses multi-million dollar Lloyd's D&O case
Disgraced financier Allen Stanford can no longer tap into a London market directors' and officers' (D&O) policy to pay defence costs for his 2011 criminal trial, a federal judge in Houston has ruled.
The long-awaited decision will undoubtedly bring cheer to the insurers of Stanford Financial Group (SFG) - Ace, Arch, Beazley, Brit, Chaucer and QBE - which have already paid out some $15mn in defence fees.
In a judgment handed down yesterday (13 October), Judge Nancy Atlas concluded that...
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