Trustmark Must Repay Stanford Vendor $2M: 5th Circ.

Law360, New York (March 8, 2012, 6:31 PM EST) -- The Fifth Circuit on Thursday upheld a lower court’s decision that Trustmark National Bank, a creditor of convicted Ponzi schemer Robert Allen Stanford's bank, must repay a former Stanford vendor without offsetting that payment using Stanford funds in receivership.

A three-judge panel agreed with a March 2011 decision by a Texas federal court holding that Trustmark is bound by a letter of credit it issued Stanford International Bank Ltd. vendor HP Financial Services Venezuela CCA to cover it for nearly $2 million that HPFS had loaned...
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