Texas financier R. Allen Stanford's trial on charges he bilked investors out of $7 billion as part of a massive Ponzi scheme will begin in January 2011, a federal judge has ruled. U.S. District Judge David Hittner also held a hearing on whether attorney fees will be paid under an insurance policy Stanford's company bought. Lloyd's of London estimates that legal fees could be as much as $100 million but Stanford's attorney said the total is actually closer to $20 million to $30 million for all four defendants in the case.
Judge Sets Trial Date for Allen Stanford as Attorneys Tussle Over Fees
The Associated Press
December 21, 2009