{"id":154,"date":"2009-12-02T13:51:06","date_gmt":"2009-12-02T08:21:06","guid":{"rendered":"http:\/\/ivyproschool.com\/blog\/?p=154"},"modified":"2024-11-11T15:18:47","modified_gmt":"2024-11-11T09:48:47","slug":"fall-out-from-the-global-financial-crisis-actuarial-science","status":"publish","type":"post","link":"https:\/\/ivyproschool.com\/blog\/fall-out-from-the-global-financial-crisis-actuarial-science\/","title":{"rendered":"FALL-OUT FROM THE GLOBAL FINANCIAL CRISIS (ACTUARIAL SCIENCE)"},"content":{"rendered":"<p>Towards the end of September, a dispute arose between Lloyd\u2019s underwriters and the appointed receiver of Stanford\u2019s financial empire as to whether the underwriters should pay Stanford\u2019s legal costs in relation to the charge against him of defrauding investors $7bn (\u00a34.1bn), from a directors\u2019 and officers\u2019 liability policy purchased at Lloyd\u2019s at Stanford International Bank. The underwriters originally said they would pay such costs under the contract terms and conditions, subject to them being reimbursed if Stanford was found guilty of fraud, but this was then challenged by the receiver, Ralph Janvey. He contended that the bulk of the policy coverage (reported to be $90m) should be used to reimburse Stanford\u2019s companies for claims by investors and the associated legal costs. In mid-October the US district judge involved in the case ruled that Lloyd\u2019s underwriters should pay Stanford\u2019s legal costs as they originally proposed.<\/p>\n<p>Investors and others are now taking legal action in significant numbers against those parties they believe to be potentially responsible for the global financial crisis and the economic downturn. Among those in the line are advisers who recommended investment in financial markets, such as those involving Madoff and Stanford and those involved in the mortgage market, including independent financial advisers, valuers, mortgage brokers and solicitors.<\/p>\n<p>Source: <a href=\"http:\/\/www.riskwaters.com\">www.riskwaters.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Towards the end of September, a dispute arose between Lloyd\u2019s underwriters and the appointed receiver of Stanford\u2019s financial empire as to whether the underwriters should pay Stanford\u2019s legal costs in relation to the charge against him of defrauding investors $7bn (\u00a34.1bn), from a directors\u2019 and officers\u2019 liability policy purchased at Lloyd\u2019s at Stanford International Bank. The underwriters originally said they would pay such costs under the contract terms and conditions, subject to them being reimbursed if Stanford was found guilty of fraud, but this was then challenged by the receiver, Ralph Janvey. He contended that the bulk of the policy coverage (reported to be $90m) should be used to reimburse Stanford\u2019s companies for claims by investors and the associated legal costs. In mid-October the US district judge involved in the case ruled that Lloyd\u2019s underwriters should pay Stanford\u2019s legal costs as they originally proposed. Investors and others are now taking legal action in significant numbers against those parties they believe to be potentially responsible for the global financial crisis and the economic downturn. Among those in the line are advisers who recommended investment in financial markets, such as those involving Madoff and Stanford and those involved in the mortgage market, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-154","post","type-post","status-publish","format-standard","hentry","category-data-analytics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Global Financial Crisis Fallout: Legal Battles and Liability<\/title>\n<meta name=\"description\" content=\"Explore the legal disputes arising from the financial crisis, including liability claims against advisers and insurers linked to high-profile cases.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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