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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...

The Week in Securities Litigation: Jury Begins Deliberations In Stanford Ponzi Scheme Case, SEC Announces 2 Partial Settlements

This week the jury began deliberations in the Robert Allen Stanford Ponzi scheme case without hearing from Mr. Stanford despite promises to the contrary from defense counsel at the beginning of the trial. Granger announced an SEC FCPA probe centered on the use of gift cards in China. The Chairman...

The Week In Securities Litigation: SEC Heading For Record Year Of Settled Enforcement Actions

The SEC is heading for a record year in terms of the number of settled enforcement actions according to a new report by NERA. The Commission also lost its bid to compel SIPIC to provide coverage for those who purchased CDs from the off-shore bank operated by convicted fraudster Robert Allen Stanford...