Supreme Court Seeks SG's Input On Stanford SLUSA Cases

Law360, New York (October 1, 2012, 2:33 PM EDT) -- The U.S. Supreme Court on Monday asked the solicitor general to weigh in on class action litigation over the alleged roles of law firms and insurance brokers in the Stanford Ponzi scheme, hoping to clarify when the Securities Litigation Uniform Standards Act precludes state-law claims.

The three suits allege Proskauer Rose LLP, Chadbourne & Parke LLP, insurance broker Willis Ltd. and others helped shield convicted Ponzi schemer R. Allen Stanford's bank from investigators. The investors who filed the suits bought allegedly fraudulent certificates of deposit from...
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