Posted: Jun 3, 2010 8:40 PM by Michael Marsh
Updated: Jun 3, 2010 8:40 PM
Source: Associated Press
A federal judge in Houston says she's staying out of a dispute over paying legal fees for financier Allen Stanford as he defends himself against Ponzi scheme charges where hundreds in the Baton Rouge area lost money. Lloyd's of London refuses to pay on an insurance policy that Stanford wants to finance his latest team of lawyers. U.S. District Judge Nancy Atlas says any disagreements between Stanford and Lloyd's would have to be worked out without her. She did question if Stanford's defense team was loaded with too many lawyers and if it was efficiently run. Lloyd's says it already paid out $6-million on lawyers to defend Stanford on the Ponzi scheme criminal and civil cases.