Insurance companies have paid more than $6 million over the past year to lawyers representing jailed Houston businessman R. Allen Stanford, but he told a federal judge on May 25 he’s not sure what all of them did for him and he has no idea what it all cost.
“I don’t know who was and who wasn’t on the case,” Stanford told U.S. District Judge Nancy Atlas during a three-hour hearing in a coverage suit. Atlas will determine whether insurance companies should pay for Stanford’s defense in a criminal case and a separate Securities & Exchange Commission civil suit. “I think it’s an obscene amount of money for what’s been produced.”
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