TEXAS – U.S. District Judge Nancy Atlas on August 24, 2010, began hearing evidence in the civil trial case brought by disgraced financier Allen Stanford against the London-based insurers, Lloyd’s of London.
Lawyers for the company are seeking to convince the judge during the three day trial that the underwriters should not pay Stanford money to defend himself on criminal fraud charges.
Stanford, charged with leading a US$7 billion fraud scheme, and three former colleagues who are now co-defendants in his criminal case, claim they can’t afford defence lawyers without access to US$100 million in liability insurance Lloyd’s sold to the Stanford Financial Group.
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