Proskauer Rose Seeks Review On 5th Circ. Ponzi Decision

Law360, Wilmington (April 6, 2012, 10:05 PM EDT) -- Proskauer Rose LLP, insurance broker Willis Ltd. and others accused of aiding R. Allen Stanford’s $7 billion Ponzi scheme petitioned the Fifth Circuit last week to reconsider its decision to revive four putative class actions over the fraud.

In three motions for an en banc review filed April 2, the defendants in the actions said the decision directly conflicts with established interpretations of the Securities Litigation Uniform Standards Act, which limits class actions involving SEC-registered securities and securities traded on U.S. exchanges

"Under the panel’s decision,...
To view the full article, register now.