United States Fifth Circuit
Pendergest-Holt v. Certain Underwriters at Lloyd's, 10-20069
In an action by various insureds, including R. Allen Stanford, each faced with civil and criminal allegations that they engaged in a massive Ponzi scheme, seeking reimbursement of defense costs under a directors' and officers' liability policy from the policy's underwriters, an injunction prohibiting defendant-insurers from withholding defense funds is affirmed with modifications and remanded, and the underwriters are enjoined from refusing to advance defense costs as provided for in the D&O Policy unless and until a court "determine[s] in fact" by clear and convincing evidence "that the alleged act or alleged acts [of Money Laundering] did in fact occur."
Appellate Information
- Decided 03/16/2010
- Published 03/16/2010
Judges
Court
- United States Fifth Circuit