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Wed 09 Sep 2009Stanford court bid to access fund to pay legal bills fails
SIR ALLEN Stanford, the Texan financier accused of operating a $7 billion (€4.8 billion) Ponzi scheme, yesterday lost a court bid to access insurance funds to pay his mounting legal bills. His UK lawyers yesterday withdrew an application to the Chancery Court in London that would have helped Sir Allen access a Lloyd's of London directors and officers insurance policy to pay his legal bills.
Earlier this week, Mr Janvey obtained an injunction from District Judge Godbey of the northern district of Texas preventing Sir Allen from taking further steps in other courts relating to the insurance policies.
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