High Court Weighs Law Firms' Liability In Stanford Ponzi

Law360, Los Angeles (October 7, 2013, 9:30 PM EDT) -- Attorneys for Proskauer Rose LLP and Chadbourne & Parke LLP tried to convince the U.S. Supreme Court Monday that the firms and others should not be held responsible for the losses investors and insurance brokers suffered in connection with Robert Allen Stanford's $7 billion Ponzi scheme.

The high court, which started a new term Monday, is faced with potentially resolving a circuit split over the application of the federal Securities Litigation Uniform Standards Act to three cases against the convicted swindler. The law bars state law class...
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