Judge: Money Laundering Exclusion Bars Coverage For Stanford Directors And Officers

HOUSTON -- (Mealey's) Insurers have proven that their policies' money laundering exclusion precludes coverage for directors and officers insureds' defense costs in underlying criminal and SEC litigation involving the alleged Stanford Ponzi scheme, a Texas federal judge held Oct. 13, granting...

Madoff Trustee Gets 'Game Changing' $7 Billion Settlement

NEW YORK - (AP) The widow of a Florida philanthropist who had been the single-largest beneficiary of Bernard Madoff's colossal Ponzi scheme has agreed to return $7.2 billion in bogus profits to the victims of the fraud, she and authorities announced Friday. The trustee recovering money for Madoff's...

Madoff Lawsuit: Mets Owners Owe Victims $300 Million

NEW YORK - (AP) The owners of the Mets turned a blind eye to Bernard Madoff's massive fraud, reaping $300 million in false profits and using a large chunk to run the team, according to a lawsuit unsealed Friday. The lawsuit claims the owners were so dependent on the disgraced financier's. . ...