Judge Sends Stanford Class Action Back To State Court

Law360, New York (April 30, 2012, 4:45 PM EDT) -- A Texas federal judge on Friday remanded to state court a class action against Proskauer Rose LLP, Chadbourne & Parke LLP and others accused of helping shield alleged Ponzi schemer R. Allen Stanford's bank from investigators.

U.S. District Judge David Hittner sent the suit back to state court after finding that the Fifth Circuit's decision in the consolidated Stanford case, Roland et al. v. Green et al., rendered the Securities Litigation Uniform Standards Act, which limits class actions involving SEC-registered securities and securities traded on U.S....
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