5th Circ. Affirms Stanford Ponzi Investors Can't Intervene

Law360 (February 4, 2021, 5:06 PM EST) -- The Fifth Circuit has affirmed a lower court's ruling that 147 duped investors of R. Allen Stanford could not intervene in a lawsuit seeking damages from banks that facilitated his Ponzi scheme, finding that the investors are already eligible for recovery.

The investors had argued that they should be allowed into the suit because the Official Stanford Investors Committee doesn't have standing to pursue their Texas Securities Act claims. But U.S. Circuit Judge Leslie H. Southwick, writing for the panel Wednesday, said the committee does have standing to assert their claims because they are "derivative of and dependent on" the receiver...

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