Insurer argues four changes of legal teams is too much
Lloyd’s has said it is tired of paying different lawyers for alleged Ponzi scheme operator Allen Stanford. It has already paid more than $6m on lawyers from 10 firms, Associated Press reports.
At a fees hearing in federal court Lloyd's told US District Judge Nancy Atlas the company refuses to pay for Stanford's newest and fourth criminal defence team. He is charged with defrauding investors out of some $7 bn.
Barry Chasnoff, an attorney for Lloyd's, said the insurer had concerns that one of Stanford's new attorneys, who was approved just last month, had already asked to be released because of differences with Stanford and the other new attorney on the case.
Several of Stanford's previous attorneys have said they left the case because the financier was difficult to work with. At Tuesday's hearing, Stanford represented himself because his attorneys in the lawsuit stopped working for him due to a "conflict of interest."
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