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Alleged Texas Fraudster Loses Defense Costs From Lloyd's, Arch

Lloyd's and Arch Specialty Insurance Co. do not have to cover the legal expenses of Texas financier R. Allen Stanford, a federal judge has ruled.

By Chad Hemenway | Updated on October 14, 2010

NU Online News Service, Oct. 15, 10:23 a.m. EDT

Lloyd’s and Arch Specialty Insurance Co. do not have to cover the legal expenses of Texas financier R. Allen Stanford, a federal judge has ruled.

According to court documents from the U.S. District Court in Houston, Judge Nancy F. Atlas has ruled the insurers “have met their burden to show a substantial likelihood that the preponderance of the evidence would demonstrate that the money laundering exclusion applies,” and the insurers do not have to provide coverage for defense costs.

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