Investors looking for deep pockets to make them whole are suing a U.K.-based insurance company that provided convicted Ponzi scammer R. Allen Stanford with written endorsements. The 29 plaintiffs, who are from Uruguay, Bolivia, Colombia and Venezuela, saw a combined loss of $30 million when Stanford International Bank collapsed. The investors are also suing Willis Group Holdings' U.S. subsidiary.
July 12, 2013 at 05:44 PM
1 minute read
The original version of this story was published on Law.Com
The letters circulated by Stanford International Bank among would-be investors claimed deposits were insured by Lloyds of London and that the bank's employees were "first class business people."
The letters proclaimed the bank had undergone "stringent risk management review by an outside audit firm."
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