Texas Firms File $1 Billion Suit Against Stanford Financial’s Insurers

Two Texas law firms opened a new front Thursday in the legal battles over Stanford Financial Group, the company R. Allen Stanford allegedly used to chisel billions of dollars from unwitting investors. In a federal class action filed in Dallas on behalf of Mexican investors, the lawyers accused U.K. insurance giant Willis Group Holdings and smaller Texas insurance broker Bowen, Miclette & Britt of aiding Stanford's alleged fraud by vouching for his investments. This is the first case to target Stanford's insurers.