5th Circ. Affirms $120M Stanford Ponzi Scheme Deal

By Reenat Sinay (July 23, 2019, 2:06 PM EDT) -- A Fifth Circuit panel on Monday affirmed a $120 million settlement resolving claims that broker Willis Ltd. fraudulently induced investments in the Stanford Ponzi scheme, dashing the hopes of hundreds of investors who opposed terms preventing them from bringing further claims against Willis.

Under the terms of the deal, which was given final approval by a Texas federal court in 2017, the settlement funds will be paid to court-appointed receiver Ralph Janvey, who will then distribute assets to investors who were defrauded in what remains one of the largest Ponzi schemes in history.

The objecting investors had argued before the appeals...

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