Stanford Receiver Can't Put Hold On Libyan Assets: 5th Circ.

Law360, New York (June 13, 2012, 7:03 PM EDT) -- The Fifth Circuit found Wednesday that the Foreign Sovereign Immunities Act precluded the receiver for Stanford International Bank Ltd. from seeking an injunction to prevent two Libyan investment groups from moving $54.8 million they allegedly received from accused Ponzi schemer R. Allen Stanford’s bank.

In an unpublished opinion, the appeals court concluded that the FSIA precluded the entry of a preliminary injunction on funds belonging to the Libyan Investment Authority, affirming the judgment but not the ruling in a lower court decision denying the injunction....
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