Ex-Stanford Executive Settles with Lloyd’s Over Defense Fees Under D&O

August 25, 2010

Laura Holt, the former chief investment officer for accused Ponzi schemer Allen Stanford’s financial firm, has reached a settlement with Lloyd’s of London over her defense fees, a federal judge said Tuesday.

“Ms. Holt is not here,” U.S. District Judge Nancy Atlas said at a hearing in Houston. “It is my understanding that she has reached a settlement with the underwriters.”

Stanford, Holt and two other defendants who are accused of a $7 billion Ponzi scheme sued Lloyd’s, saying they are entitled to defense fees under a directors and officers policy.

Lloyd’s has said it should not pay, citing a money laundering clause in the policy.

Hearings the matter are scheduled for most of this week.

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