Antigua Sun "A US District Judge ruled Tuesday that Stanford can use his company's Lloyd’s of London directors and officers to pay his defense lawyers.
Judge David Hitner in his ruling rejected the company’s request to throw out Stanford’s lawsuit against the company.
“The court has determined that the plaintiffs have a substantial likelihood of succeeding on their claim that the policies require underwriters to advance defence funds until a final judicial determination is made on the underlying litigation,” Hittner said in the ruling.
The Lloyd’s underwriters had denied coverage in November, saying the policy was voided by the August guilty plea of James M. Davis, who had been chief financial officer for Stanford Financial."
Judge David Hitner in his ruling rejected the company’s request to throw out Stanford’s lawsuit against the company.
“The court has determined that the plaintiffs have a substantial likelihood of succeeding on their claim that the policies require underwriters to advance defence funds until a final judicial determination is made on the underlying litigation,” Hittner said in the ruling.
The Lloyd’s underwriters had denied coverage in November, saying the policy was voided by the August guilty plea of James M. Davis, who had been chief financial officer for Stanford Financial."
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