On Air Now

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1450 AM Holland, MI

Weather

Current Conditions(Holland,MI 49422)

More Weather »
78° Feels Like: 80°
Wind: W 10 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Mostly Sunny 90°

Tonight

Scattered Thunderstorms 65°

Tomorrow

Mostly Sunny 79°

Judge allows Allen Stanford, others to seek defense fees

</head> <body> <p>By Anna Driver</p> <p>HOUSTON (Reuters) - Financier Allen Stanford and other executives who face charges related to an alleged $7 billion fraud may file claims for defense funds under a directors' and officers' insurance policy, a federal judge said on Friday.</p> <p>Stanford has had his assets frozen since civil charges were filed against him in February. He said he has no money to pay his lawyers, and is currently represented by court-appointed lawyers.</p> <p>A number of former Stanford executives, including former Chief Investment Officer Laura Pendergest-Holt, have filed claims against a policy issued by Lloyd's of London.</p> <p>Lloyd's initially agreed to reimburse some legal expenses for Pendergest-Holt, but Ralph Janvey, the receiver in the case, argued proceeds are assets of the Stanford estate and should be set aside for investors.</p> <p>Janvey had threatened to hold Lloyd's in contempt of court if they made payments to the executives, court records show.</p> <p>"Today the court holds only that its prior orders do not bar Lloyd's from disbursing policy proceeds to fund directors' and officers' defense costs in accordance with the D&O polices' terms and conditions," U.S. District Judge David Godbey said in a nine-page order.</p> <p>Jeffrey Tillotson, a lawyer for Pendergest-Holt, said he was very pleased with Godbey's decision.</p> <p>"Our client is entitled to a defense and now she will have the resources to pay for one," Tillotson said, adding that his client, who also had her assets frozen, has been living off "kindness, friends and family."</p> <p>Godbey also said he would have authorized payment of the defense fees even if the insurance proceeds were part of the Stanford estate.</p> <p>A representative for Janvey declined to comment on the ruling.</p> <p>Still, there is no guarantee of coverage. Lloyd's said in a September court filing that claims resulting from "money laundering and from dishonest, fraudulent, or criminal acts" are excluded from coverage.</p> <p>Stanford and Pendergest-Holt have both pleaded not guilty to the charges related to what prosecutors labeled a massive Ponzi scheme tied to the firm's offshore bank in Antigua.</p> <p>The case is SEC vs Stanford International Bank Ltd, U.S. District Court for the Southern District of Texas, No. 09-00298.</p> <p>(Reporting by Anna Driver, editing by Leslie Gevirtz and Matthew Lewis)</p> </body> </html> </div><!-- end article-body --> </div><!-- end aticle-body-wrapper --> <aside> <ul class="social-share-btns clearfix"> <li><g:plusone size="medium" href="http://whtc.com/news/articles/2009/oct/09/s-judge-allows-payment-of-stanford-defense-fees/"></g:plusone></li> <li><div id="fb-root"></div><script src="http://connect.facebook.net/en_US/all.js#appId=112315878855956&xfbml=1"></script><fb:like href="http://whtc.com/news/articles/2009/oct/09/s-judge-allows-payment-of-stanford-defense-fees/" action="recommend" send="true" layout="button_count" width="150" show_faces="false" font=""></fb:like></li> <li><a href="http://twitter.com/share" class="twitter-share-button" data-url="http://whtc.com/news/articles/2009/oct/09/s-judge-allows-payment-of-stanford-defense-fees/" data-text="Judge allows Allen Stanford, others to seek defense fees" data-count="horizontal">Tweet</a><script type="text/javascript" src="http://platform.twitter.com/widgets.js"></script></li> </ul><!-- end social-share-btns --> </aside> </div><!-- end article-container --> <section class="clearfix text-ad-container"><div class="text-ad"></div><div class="text-ad"></div><div class="text-ad"></div></section> <div id='taboola-below-main-column'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-2r', container:'taboola-below-main-column', placement:'below-main-column'}); </script> <div id='taboola-text-2-columns'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'text-links-5r', container:'taboola-text-2-columns', placement:'text-2-columns'}); </script> <script> window._taboola = window._taboola || []; _taboola.push({flush:true}); </script> <section class="comment-container"> <h1 class="h2 visuallyhidden">Comments</h1> <a href="/news/articles/2009/oct/09/s-judge-allows-payment-of-stanford-defense-fees/#disqus_thread"></a> <div id="disqus_thread" class="section-widget"></div> <script type="text/javascript"> var disqus_shortname = 'whtc'; var disqus_title = 'Judge allows Allen Stanford, others to seek defense fees'; var disqus_url = 'http://whtc.com/news/articles/2009/oct/09/s-judge-allows-payment-of-stanford-defense-fees/'; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = 'http://' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); </script> </section><!-- end comment-container --> </article> </div><!-- end of col-1 --> <div id="col-2"> <form class="section-search-form clearfix" method="get" action="/search/"> <fieldset class="clearfix"> <input class="section-search" type="text" rel="Search News" name="q" placeholder="Search News" /> <input class="section-search-submit" type="image" alt="Search" src="http://static.mwcradio.com/images/icons/section-search.gif" /> </fieldset> </form> <div class="ad-300x250"></div> <aside class="aside-module top-stories"> <h1>Top Stories</h1> <ul class="unstyled-list single-col-list"> <li><a href="/news/articles/2014/jul/22/ottawa-county-fair-continues-with-wolverine-futurity-tonight/" title="Full Article: Ottawa County Fair Continues with Wolverine Futurity Tonight">Ottawa County Fair Continues with Wolverine Futu...</a></li> <li><a href="/news/articles/2014/jul/22/tigers-win-at-arizona-white-sox-and-whitecaps-also-victorious/" title="Full Article: Tigers Win at Arizona; White Sox and Whitecaps Also Victorious">Tigers Win at Arizona; White Sox and Whitecaps A...</a></li> <li><a href="/news/articles/2014/jul/21/ruling-on-one-by-one-legal-standing-expected-within-10-days/" title="Full Article: Ruling on "One by One" Legal Standing Expected within 10 Days">Ruling on "One by One" Legal Standing Expected w...</a></li> <li><a href="/news/articles/2014/jul/22/europe-rebounds-as-ukraine-rebels-hand-over-black-boxes/" title="Full Article: Europe rebounds as Ukraine rebels hand over black boxes">Europe rebounds as Ukraine rebels hand over blac...</a></li> <li><a href="/news/articles/2014/jul/22/wave-of-migrant-children-threatens-to-swamp-us-immigration-courts/" title="Full Article: Wave of migrant children threatens to swamp U.S. immigration courts">Wave of migrant children threatens to swamp U.S....</a></li> </ul> </aside> <div class="text-ad"></div> <nav class="aside-module"> <h1>News Sections</h1> <ul class="unstyled-list two-col-list clearfix"> <li><a href="/news/sections/local/" title="Local News Section">Local</a></li> <li><a href="/news/sections/state/" title="State News Section">State</a></li> <li><a href="/news/sections/national/" title="National News Section">National</a></li> <li><a href="/news/sections/world/" title="World News Section">World</a></li> <li><a href="/news/sections/localsports/" title="Local Sports News Section">Local Sports</a></li> <li><a href="/news/sections/sports/" title="National Sports News Section">National Sports</a></li> <li><a href="/news/sections/politics/" title="Politics News Section">Politics</a></li> <li><a href="/news/sections/business/" title="Business News Section">Business</a></li> <li><a href="/news/sections/health/" title="Health News Section">Health</a></li> <li><a href="/news/sections/science/" title="Science News Section">Science</a></li> <li><a href="/news/sections/technology/" title="Technology News Section">Technology</a></li> <li><a href="/news/sections/entertainment/" title="Entertainment News Section">Entertainment</a></li> </ul> </nav> <div class="text-ad"></div> <div class="ad-300x250"></div> <aside id="recentcomments" class="aside-module dsq-widget sidebar-comments"> <h1 class="dsq-widget-title">Recent Comments</h1> <script type="text/javascript" src="http://whtc.disqus.com/recent_comments_widget.js?num_items=3&hide_avatars=0&avatar_size=32&excerpt_length=200"></script> </aside> <div class="text-ad"></div> </div><!-- end col-2 --> </div><!-- end page-content-wrapper-inner --> </div><!-- end page-content-wrapper-outer --> <div id="site-footer-wrapper"> <footer id="site-footer" class="clearfix"> <ul class="footer-list footer-bucket"> <li><a href="http://static.mwcradio.com/pdf/footer-files/privacy.pdf" title="Privacy Policy">Privacy Policy (PDF)</a></li> <li><a href="http://static.mwcradio.com/pdf/footer-files/termsofuse.pdf" title="Terms of Use">Terms of Use (PDF)</a></li> <li><a href="http://static.mwcradio.com/pdf/footer-files/contestrules.pdf" title="Contest Rules">Contest Rules (PDF)</a></li> <li><a href="http://static.mwcradio.com/pdf/footer-files/contest-rules-addendumC.pdf" title="Contest Rules - Addendum C">Contest Rules - Addendum C (PDF)</a></li> </ul> <ul class="footer-list footer-bucket"> <li><a href="/advertise/" title="Advertise With Us">Advertisers</a></li> <li><a href="http://www.midwestcareers.com/" title="Midwest Careers">Employment</a></li> <li><a href="/eeo/" title="EEO">EEO</a></li> </ul> <div class="footer-bucket"> <ul class="footer-list footer-social-list"> <li> <a href="http://facebook.com/1450WHTC" title="1450 WHTC on Facebook"> <img src="http://static.mwcradio.com/images/icons/facebook20.png" alt="Facebook" /> Facebook </a> </li> <li> <a href="http://twitter.com/1450whtc" title="1450 WHTC on Twitter"> <img src="http://static.mwcradio.com/images/icons/twitter20.png" alt="Twitter" /> Twitter </a> </li> </ul><!-- end social links --> <ul class="footer-list footer-bucket"> <li> <a href="https://play.google.com/store/apps/details?id=com.midwestcommunications.whtcam&feature=search_result#?t=W251bGwsMSwyLDEsImNvbS5taWR3ZXN0Y29tbXVuaWNhdGlvbnMud2h0Y2FtIl0." title="Download Our Android App"> <img src="http://static.mwcradio.com/images/icons/android20.png" alt="Android" /> Listen on Android </a> </li> <li> <a href="https://itunes.apple.com/app/1450-whtc/id640699423?ign-mpt=uo%3D5" title="Download Our iOS App"> <img src="http://static.mwcradio.com/images/icons/apple20.png" alt="Apple" /> Listen on iPhone/iPad </a> </li> </ul> </div> <ul class="footer-list footer-bucket contact-info"> <li>© 2014 1450 WHTC</li> <li>Call Letters: WHTC</li> <li><span class="frequency-location">1450 AM Holland, MI</span></li> <li>Studio Line 1: 616-395-1450</li> <li>Text Us at 80373</li> <li><a href="/contact-us/" title="Contact Us">Contact Us</a></li> </ul> </footer> </div><!-- end footer-wrapper --> <script src="https://ajax.googleapis.com/ajax/libs/mootools/1.4.5/mootools-yui-compressed.js"></script> <script src="http://static.mwcradio.com/js/mootools-more-1.4.0.1.js"></script> <script src="http://static.mwcradio.com/apps/nowplaying/js/jug-application.js"></script> <script src="http://content.aimatch.com/swfobject.js"></script> <script src="https://apis.google.com/js/plusone.js"></script> <script src="http://static.mwcradio.com/js/mwc.js?5"></script> <script src="http://static.mwcradio.com/datepicker/Locale.en-US.DatePicker.js"></script> <script src="http://static.mwcradio.com/datepicker/Picker.js"></script> <script src="http://static.mwcradio.com/datepicker/Picker.Attach.js"></script> <script src="http://static.mwcradio.com/datepicker/Picker.Date.js"></script> <!--[if lt IE 7 ]> <script src="//ajax.googleapis.com/ajax/libs/chrome-frame/1.0.2/CFInstall.min.js"></script> <script>window.attachEvent("onload",function(){CFInstall.check({mode:"overlay"})})</script> <![endif]--> <script src="http://static.mwcradio.com/js/lightface/LightFace.js"></script> <script src="http://static.mwcradio.com/apps/scoop/js/article_details.js" type="text/javascript"></script> </body> </html>