Proskauer, Chadbourne Could Face Billions In Damages

Law360, New York (February 26, 2014, 10:16 PM EST) -- The liability headache has only just begun for Proskauer Rose LLP and Chadbourne & Parke LLP, which now face potentially billions of dollars in damages after the Supreme Court ruled Wednesday that victims of Robert Allen Stanford's Ponzi scheme can sue the law firms over their alleged role in the scheme.

In a 7-2 decision Wednesday, the Supreme Court resolved a circuit split over the application of the federal Securities Litigation Uniform Standards Act, which bars state-law class actions alleging fraud “in connection with” the sale...
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