Investors Sue Insurance Company That Vouched for Stanford Ponzi Scam

, Daily Business Review

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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.

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