NU Online News Service, July 22, 3:55 p.m. EDT
A Venezuelan investor has sued London-based insurance broker Willis Group Holdings Ltd. and its U.S.-based subsidiary, Willis of Colorado, for providing false assurances that Certificates of Deposit offered by Stanford International Bank of Antigua were insured.
The lawsuit, seeking class-action status, was filed by Reinaldo Ranni of Venezuela on behalf of a group of Latin American investors, alleging that the Willis Group "played an instrumental role in enabling Allen Stanford [founder of SIB] to perpetuate a massive multibillion-dollar fraud against scores of investors."
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