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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.