On Monday a federal appeals court threw out a settlement requiring insurers to pay $65 million to a court-appointed receiver for companies once run by Allen Stanford, who is the Texas financier serving a 110-year prison term for running a large Ponzi scheme. Reuters reports that Circuit Court of Appeals said the judge who approved the accord lacked authority to void or release some claims against the insurers, including underwriters at Lloyd’s of London, and bar further legal challenges over their policies and Stanford’s companies. The insurance settlement had drawn objections from former Stanford managers and employees seeking to obtain insurance coverage and press their own claims.

http://feeds.reuters.com/~r/reuters/topNews/~3/FSPU1k0kjVQ/u-s-court-voi...

Advertisement

More videos