Case V. Stanford Adviser Belongs In State Court: Judge

Law360, New York (February 11, 2010, 6:08 PM EST) -- Industrial construction company Performance Contractors Inc.'s securities suit against a former Stanford Financial Group adviser and certain Lloyd's of London underwriters over allegedly fraudulent and worthless certificates of deposit belongs in state court, a federal magistrate judge has said.

On Wednesday, Magistrate Judge Christine Noland of the U.S. District Court for the Middle District of Louisiana signed off on a report and recommendation suggesting that Performance Contractors' motion to remand the suit against former Stanford adviser John Schwab be granted. The parties have 14 days to...
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