Ponzi Schemes, and Money Laundering, and Defense Costs! Oh My!

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This recent article analyzes the Fifth Circuit Court of Appeals' March 2010 opinion in the insurance coverage litigation initiated by several former directors and officers of the Stanford Financial Group seeking a judicial determination that the companies' D&O insurers were required to provide a defense in both the criminal prosecutions against the former executives and in the civil lawsuit initiated by the Securities Exchange Commission. The article examines the money laundering exclusion at the forefront of the insurance coverage litigation and analyzes the problems inherent in adjudicating the coverage issues before the underlying criminal cases are tried.

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