Proskauer To Pay $63M To Settle Stanford Ponzi Case

By Michelle Casady (August 29, 2018, 6:41 PM EDT) -- The court-appointed receiver in the R. Allen Stanford $7 billion Ponzi scheme case and a group of bilked investors have announced a $63 million settlement that would end further litigation against law firm Proskauer Rose LLP, which formerly employed a partner who represented entities affiliated with the fraud.

In a motion filed with the court on Friday, receiver Ralph S. Janvey, the Official Stanford Investors Committee and Proskauer said they have reached a deal where the law firm will admit no wrongdoing and pay $63 million to settle all claims. Attorneys representing the receiver and investors have a contingency fee agreement that...

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