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Insurer Says Texas Financier Must Pay Legal Bills

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A court hearing continues today in Houston in a dispute over who’ll pay the legal fees of jailed Texas financier R. Allen Stanford and two of his former company executives.
    They’re accused of bilking investors out of $7 billion in a massive Ponzi scheme.
    Attorneys for an insurance company say the trio lied to investors and falsified financial statements — disqualifying them from having their legal bills paid for by the firm.
    But Stanford and ex-executives Gilbert Lopez and Mark Kuhrt contend they did nothing wrong, blaming others for the alleged wrongdoing and saying the insurer — Lloyd’s of London — should honor the policy.
    U.S. District Judge Nancy Atlas will decide.
    So far, Lloyd’s has paid more than $15 million in legal fees to Stanford and the executives in their criminal and civil cases. The policy will pay up to $100 million.
   
    (Copyright 2010 by The Associated Press.  All Rights Reserved.)

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