Stay Lifted On Suits Alleging Proskauer Rose Aided Stanford

Law360, New York (July 5, 2012, 2:10 PM EDT) -- A Texas federal judge lifted a stay Tuesday on several class actions claiming Proskauer Rose LLP, Chadbourne & Parke LLP and others helped shield convicted Ponzi schemer R. Allen Stanford's bank from investigators, so as to proceed on motions to remand the lawsuits to state court.

The plaintiffs say they want the complaints moved to state court because the federal Securities Litigation Uniform Standards Act of 1998 does not apply. The Fifth Circuit, overturning a lower court judge’s decision to in a similar case in March,...
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