Stanford underwriters must pay up
After reviewing months of arguments and counter-arguments, US judge David Hittner has finally ordered insurers to reimburse the defence costs of Allen Stanford and three other former Stanford Financial Group (SFG) executives until final adjudication.
Arch Specialty and Lloyd's insurers Brit, Ace, QBE, Beazley and Chaucer are obligated to pay former SFG chief investment officer Laura Pendergest-Holt, ex-chief accounting officer Gilbert Lopez and erstwhile global controller Mark Kuhrt's defence costs and expenses in both the Securities and Exchange Commission and...
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