Univ. Of Miami Backs Stanford Investor's Clawback Appeal

Law360 (February 1, 2019, 4:58 PM EST) -- The University Of Miami filed a brief with the Fifth Circuit on Thursday supporting Stanford International Bank's largest investor in seeking a Texas Supreme Court review of a thus-far successful attempt from the bank's receiver to claw back funds produced through a $7 billion Ponzi scheme.

The Florida university said in its amicus brief that Stanford investor Gary D. Magness was right to challenge an appellate panel's finding earlier this month that Magness could not keep $79 million he pulled back from Stanford after finding out it was under regulatory investigation.

The ruling split with a lower court jury who found...

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