DOJ, Ontario Reach Deal To Release $18M To Stanford Receiver

Law360, New York (July 26, 2012, 6:09 PM EDT) -- The receiver for Stanford International Bank Ltd. will request approval Friday in Canadian court of an $18 million settlement between the U.S. Department of Justice and the Ontario attorney general that would allow the AG to release frozen funds related to R. Allen Stanford's Ponzi scheme, the receiver's attorney said.

The Ontario attorney general agreed to release the money to the DOJ if the settlement is approved, and the DOJ has agreed to allow the receiver to distribute the funds, Kevin Sadler of Baker Botts LLP,...
To view the full article, register now.