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Ponzi Scheme is Money Laundering - No Directors And Officers Insurance Coverage for Robert Stanford Fraud

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...

Ballard Spahr LLP: Shades of Spitzer: New York Law Enforcement Takes Aggressive Stance on AML and LIBOR Scandals

by the Consumer Financial Services Group In a one-two punch reminiscent of Eliot Spitzer's tenure as New York Attorney General, that State's law enforcement authorities beat their federal counterparts to the punch by bringing proceedings in the most highly publicized financial scandal of the...