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Fifth Circuit requires D&O insurers to advance defense costs to Stanford executives subject to judicial determination in parallel coverage action
  • Jones Day
  • USA
  • March 19 2010

Executives of the Stanford Group alleged to have engaged in a massive Ponzi scheme won a preliminary - and perhaps temporary - victory in litigation against D&O insurers when the United States Court of Appeals for the Fifth Circuit affirmed a lower court decision and ruled that insurers must continue to advance defense costs until a judicial determination is made that the policy exclusion for money laundering applies.