A federal appeals court on Monday threw out a settlement requiring insurers to p...
- A federal appeals court on Monday threw out a settlement requiring insurers to pay $65 million to a court-appointed receiver for companies once run by Allen Stanford, the Texas financier serving a 110-year prison term for running a large Ponzi scheme.
By a 3-0 vote, the 5th U.S. 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. Ralph Janvey, the receiver, said in a May 22 letter to Republican Senator John Kennedy of Louisiana that he had recovered $573 million for Stanford’s victims since being appointed in 2009, and been authorized to pay out $232 million.
Once considered a billionaire but later declared indigent, Stanford, 69, was convicted of fraud by a Houston jury in 2012 over what prosecutors called a $7.2 billion Ponzi scheme that lasted two decades.
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