R. Allen Stanford and two other Stanford Financial Group executives are cut off from insurance money to pay their legal bills. On Wednesday, a federal judge in Texas issued an order finding that two insurance companies holding directors-and-officers policies for SFG are not required to pay for the executives' defense in a criminal case or in a separate SEC civil suit. The insurance companies had alleged the executives engaged in money laundering as defined by the D&O policies, which the executives denied.
October 14, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
R. Allen Stanford and two other Stanford Financial Group executives are cut off from insurance money to pay their legal bills.
On Wednesday, U.S. District Judge Nancy Atlas issued an order finding that two insurance companies holding directors-and-officers policies for SFG are not required to pay for the defense of three former SFG executives in a criminal case, United States v. Robert Allen Stanford, et al.
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